Yes, you have both Downstream and Upstream bonding. That's why 2 blue lights. If you have a Gigabit router plugged in, I believe the link light will also be blue.
While there is nothing wrong with your modem, I see you have 8 channels now. But your modem is only 4x4. You might wanna see if you can return your 6121 for one of these: »www.amazon.com/Zoom-DOCS ··· e+modems
This model is 8x4 and is even more stable and faster then the Motorola 6121.
The choice is yours. Enjoy regardless.
(If you buy at someplace like best buy, make sure it's the J version of the Zoom modem. If not, it's the same as your 6121)