it's a few hundred miles up instead of 22,300. this means that it's not geostationary and you gotta switch your dish between satellites often as they go overhead, but latency is far lower.
Ok, that would make a huge difference. the biggest argument I"ve made against this with people is simply that the latency would be terrible (and it's still not great), but it's a helluva lot better than 22.3k.
Actually, current starlink latency is 20-40 msec, which isn't bad compared to DSL or fibre internet. Its usually better than 4g or 5g internet.
When starlink sats are fully using laser interconnects then their long-distance (london-NY or further) latency should be considerably less than anything else available. The speed of light in fibre is about 1/2 the speed of light in a vacuum.
The actual latency starlink customers are getting is on par with wired ISPs, and has the potential to be lower than ground based links once they add satellite to satellite laser links.