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It depends on the switch, but generally the ethernet speed doesn't depends on the T1 line. However, if devices connected to switch are accessing all to internet,m the 1.54M capacity will be shared between every device, so this is the bottleneck when connecting to internet.<br />
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Hope it helps.
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If the devices are connecting to each other they will communicate at 10m. If they are sending traffic over the t1 that will go at 1.5m. 
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Sorry, I should have mentioned the internet connectivity for all the devices connected here... <br />
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So, if the T1 is being shared all the ports, that leaves (1.54/24) or 64k for each port. However, we have each sw port config'ed as 10 M port.
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Unless your switch has qos it will try to randomly share the t1. So if only one port is using it, it will get the full 1.5. 
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so the other ports would be waiting for one port to relinquish the control?? That is too much.. most switches have auto-qos, right??<br />

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In an unmanaged switch it will be random. But most usage is also random, so it works out, except in some cases of heavy usage ( large uploads/downloads).<br />
Your internal speeds will not be affected, but internet access will always be limited to your max T1 speed.<br />
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I hope this helps !<br />

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It does not matter if the ports are configured as 10 meg or gigabit. You are limited to 1.5 of the T1. You cant expect to get more just because your switch ports are capable of more. <br />
Each port is CAPABLE of 10meg that does not mean it will always be running maxed out at 10 meg.<br />
Your T1 is capable of 1.5M and it is unlikely that it will be permenantly maxed out or stressed UNLESS you are using it for large upload/download. IF used for mail/browsing and applications you wont notice any degridation at all I would think.<br />

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Say a 24 10M port ethernet switch has an uplink connected to 1 T1 line, and all the access ports are active, will every port still work as 10M if speed (config'ed as 10M) or will there be a considerable slow-down on T1 link (1.54M capacity)?
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Say a 24 10M port ethernet switch has an uplink connected to 1 T1 line, and all the access ports are active, will every port still work as 10M if speed (config'ed as 10M) or will there be a considerable slow-down on T1 link (1.54M capacity)?

Ethernet speed

A switch is a device that filters and forwards packets of data between LAN segments. Switches operate at the data link layer or the network layer of the Open Systems Interconnection (OSI) Reference Model and therefore support any packet protocol. LANs that use switches to join segments are called switched LANs or, in the case of Ethernet networks, switched Ethernet LANs. A hub is a connection point for devices in a network. Hubs are commonly used to connect segments of a LAN. A hub contains multiple ports; when a packet arrives at one port, it is copied to the other ports so that all segments of the LAN can see all packets.

Switches / Hubs

A router is a networking device that forwards data packets between computer networks. Routers perform the "traffic directing" functions on the Internet. The most familiar type of routers are home and small office cable or DSL routers that simply pass data, such as web pages, email, IM, and videos between computers and the Internet. More sophisticated routers, such as enterprise routers, connect large business or ISP networks up to the powerful core routers that forward data at high speed along the optical fiber lines of the Internet backbone. Though routers are typically dedicated hardware devices, use of software-based routers has grown increasingly common.

Routers

Networking is the process of connecting computing devices, peripherals and terminals together through a system that uses wiring, cabling or radio waves that enable their users to communicate, share information and interact over distances. Often associated are issues regarding operating systems, hardware and equipment, cloud and virtual networking, protocols, architecture, storage and management.