Switches vs. Hubs

Can someone please explain the main differences between hubs and switches. From what I understand Hubs split up the bandwith between all ports available while switches dedicate the full speed per port. Is this true and if so are there any other advantages??

We are currently using (2) 24 port hubs and every port is taken. We have experienced some slow-down and it has been suggested that we use switches instead of hubs.
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More about switches hubs
  1. a hub does a broadcast of each packet out to each port. A switch is smart, it knows what MAC address is on each port, and only sends the packet on the proper port.

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  2. main differences..........

    Hubs Alloww Collisions, and divide throughput

    Switches are a collision free environment and allow Max throughput to each user!

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