In this paper, we present an experimental evaluation of the recently standardized Opus codec used in a VoIP context. Opus operates in both narrow and wideband modes, similar to Adaptive Multi-Rate (AMR). Through the use of the Wideband Perceptual Evaluation of Speech Quality (WB-PESQ) metric, we have conducted an extensive set of experiments using multiple audio samples encoded at different bit-rates, to investigate the impact of packet loss on resulting speech quality. Using these results, fitting functions for each bit-rate were computed to provide a straightforward manner of evaluating speech quality when given a specified packet loss rate. Using ns-2, a simulation analysis was conducted to evaluate the effect of background traffic on transmitted Opus streams. We observed that, when using different levels of background traffic, the observed packet loss rates varied heavily depending on the stream bit-rate. By correlating this information with the fitting functions derived previously, we were able to define switching thresholds. These are points where the speech quality of a lower bit-rate stream is greater than that of a higher bit-rate stream for the same levels of link bandwidth saturation.