Port policer and switch shaper gave me horrible results. For example while doing a speedtest the test was very inconsistent, the speeds went up and down through the entire test. It seemed like the traffic was not passing smoothly while using port policer and switch shaper.
Queues are best way to accomplish this, however while I was first setting all this up the queue counters showed zero traffic passing, tried both simple and tree. The piece of information everyone kept leaving out is turning the bridge firewall setting on. After turning the setting on I was able to get this working perfectly.
/interface bridge settings
set use-ip-firewall=yes
/queue simple
add max-limit=1M/1M name=ETHER1 target=ether1