How about this:
filename = 'C:\Users\jmille76\Documents\MNVR\20140206\wnw\R2_10k_b1M_l1400.txt';
fileID = fopen(filename,'r');
data = textscan(fileID,'%*s%f %c%[^\n\r]','Delimiter',{'bits/sec','Bytes'});
R210kb1Ml1400 = data{1}.*1000.^(data{2}=='M');
fclose(fileID);
clearvars filename data fileID ans
Basically, it's keeping the first character of the "[K/M]bits/sec" column (using just the "bits/sec" as the delimiter), so it reads the column of numbers then a column of single characters which are either K or M. Where that second column is M, it multiplies the first column by 1000; where it's not, it multiplies by 1.
EDIT TO ADD: To make this more extensible, let's try a slightly different approach:
filename = 'C:\Users\jmille76\Documents\MNVR\20140206\wnw\R2_10k_b1M_l1400.txt';
txt = fileread(filename);
txt = regexprep(txt,'- (\d)','-$1');
txt = regexprep(txt,'\[\s+(\d)\]','$1');
data = textscan(txt,'%f%f-%f%*s%f%s%f%s%f%s%f/%f(%f%*s');
R210kb1Ml1400 = data{6};
units = data{7};
R210kb1Ml1400 = R210kb1Ml1400.*1000.^strncmp('M',data{7},1);
This is using a cunning trick with textscan, which is that it can accept a string as input, rather than a file. So I'm using fileread to read the file as text and do some pre-formatting with regexp. (If you don't know regular expressions, this is magic -- just read the comments and be happy.)
Now data contains pretty much everything. You can choose what you do and don't want. If you want to ignore a column, put a * between the % and the s or f. For example, I'm ignoring the fourth column, which is always the string "sec". If you want that, remove the * in the format specifier. I've tried to show the breakdown of the format specifier in the comments, under the example line from the file.
To extract the data from the kth column, do variablename = data{k};, just like I did with R210kb1Ml1400 and units.
HTH.