Optical burst switching (OBS) is a promising paradigm for the next-generation Internet infrastructure. In this paper, a novel efficient network architecture for OBS has been presented and compared with conventional OBS architectures. To enhance OBS system performance, the architecture employs a novel proposed burst assembly algorithm, fiber delay lines (FDLs) and dynamic route selection technique. A queuing model is used to predict the system behavior for both classless and prioritized traffic. Simple closed-form expressions are obtained for the burst-loss probability of both classless and prioritized traffic. Numerical results show that the proposed architecture provides an accurate fit for the performance of the highest traffic class and lower bounds for the other traffic classes that are tighter than earlier known results.