That's closer to the reality, yes, though I don't think lookup-table is entirely the right concept either. Useful, yes, but doesn't quite generate the right mix of concepts of neurons, activation thresholds, fuzzy activation, multiple access paths, etc., etc.

I'm not focusing on the overall channel bandwidth because I think it tells the full story, but it does tell an important story, and in particular, it shows just how constrained that channel really is. If we're sucking (or blowing) through a straw, then there's only so much information as can be mediated.

This becomes particularly significant when you look at the amount of crap that people are flooded with, and realise how much this cuts down on the ability to process significant and meaningful information.