[lev99]

Current internet satellites with a geosynchronous orbit are about 35,000km above the surface. These Low Earth Orbit satellites will be less than 2,000km above ground, and as low as 300km above. This difference should have a big impact on the current latency number of satellite communication.

[http://www.vsat-systems.com/satellite-internet-explained/lat...]

Edit: Please note that the data packets make a two way trip from the satellite. Many network communications assume a lot of two way communication from client and server, so this decrease in distance should have a big impact.