You'll have poor ping speeds, speed of light is a problem for satellites and the internet. It's why most everyone uses undersea cables instead.
So it is incorrect for them to say this is comparable to fiber performance.
First High-Speed, Low-Cost Satellite System ...for developing nations...
Backed with financial and operational support from Google Inc., Liberty Global, Inc. and HSBC Principal Investments, the new system will reduce bandwidth costs for telecommunications operators (telcos) and Internet service providers (ISPs) - enabling cost-effective voice and broadband services at speeds equivalent to those enjoyed in the developed world.
The O3b Networks system will offer fiber performance over satellite, at prices comparable to fiber in developed regions. By allowing direct connection to core networks and 3G Cellular/WiMAX towers, the O3b Networks system will completely change the economics of telecommunications infrastructure in the world's fastest-growing markets for communications services.
This seems like great stuff! Especially if it's set up around an education system - that'd be tremendous. ..I just hope that I don't get *more* requests for billion dollar money transfers from some guy in Nigeria, ya know?