My mother has had Hughesnet satellite internet (that fat guy you mention lives down the road from her, I think) for the last few years up until about 3 months ago. Her experience was 2500-5000 pings, constant disconnects and the general inability to do just about anything but non-elite, quest type playing. She boxes just two toons but she had to stop regularly to let her alt catch up to her main. Instances were pretty much out of the question. By the time she'd attack, my 3 other guys would have already killed whatever we were attacking.

Your mileage may vary.