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Comcast has offered to update my Modem promising higher speeds, But modem does not really affect the speed. What can be new in the modem then? Can they throttle my activity? Torrent activity?

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Actually your modem can effect your speed if you have subscribed to a service level that can take advantage of said possible speed –  Ramhound Nov 9 '13 at 2:56
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Please don't drasticly change the context of your question if it already contains answers, it makes existing answers not make sense. Instead ask a new followup question. However, your new question is off topic and will be closed due to product recommendations being off topic on this site. I have rolled back your question to its original form. –  Scott Chamberlain Nov 9 '13 at 3:11

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It is likely the new standards that came out (DOCSIS 3.0 came out in 2006) that your original modem did not support that you new modem does. If you are still paying for a low tier it would not matter if you switched out your modems or not, however if you wanted to move to a higher speed tier by paying more (anything more than 30.72 Mbit/s requires DOCSIS 3.0) you now have the option to do it.

They already throttled your activity on your old modem, that is how they control what speed you get vs how much you pay. As for torrents, any monitoring would happen on the ISP side not the modem side, so changing modems would not change their ability to watch (or not watch) your torrent activity.

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