The recent emergence of bismuth-doped fiber amplifiers (BDFAs) offers the potential to transmit high-speed WDM signals over long distances in the O-band spectral region, thereby greatly enhancing the scope of systems utilizing these wavelengths. In this paper, we present a comprehensive experimental study on several basic characteristics of an O-band BDFA based on a phosphosilicate optical fiber, including the frequency-dependent noise figure, gain tilt (static and dynamic), transient response, and polarization dependent gain. We discuss our findings and their implications on the use of BDFA technology in high bit-rate multichannel systems.