Follow me if you can.

http://liftoff.msfc.nasa.gov/academy/rocket_sci/satellites/geo-high.html places the satellite out at 22,241 statute miles. This makes the internet signal to travel 44,482 miles round trip. This is if the satellite is directly overhead which it is not. Since we want to keep this simple, I'll just use 50,000 miles round trip.

http://en.wikipedia.org/wiki/Speed_of_light supplies us with the other needed number.

So how long is it from when you send a packet till when you get a reply?

50,000 miles round trip (divided by)
186,282.397 miles per second (speed of light.)

= 0.2684 seconds.

That more than 1/4 second response time renders satellite connections useless for realtime gameplay that so many enjoy.

Cheers,

Bob