Local latency might be okay (worse then fiber, slightly worse than cable) but using space based routing is going to be a poor experience. There are a lot of latency-adding hops in space, and the terrestrial link bandwidth is so poor that popular destinations (LA or NYC) are going to be congested at their terminal endpoints, meaning you'll go the long way around and exit the satellites at a farther, more rural base station than is ideal, and use fiber for the final hops.