Well, for those who don't know. Ping/Latency is how fast or slow the connection from your network/PC take to connect to the server you are connecting to. Also, having high download and upload speeds does not improve your ping.
For example, I have Satellite Internet with 15Mbps Down and 5Mbps Up. These are decent and allow me to watch/stream in 1080p. So with 15Mbps Down and 5Mbps up with a 700+ Ping I am not capable of playing FPS games, due to how long it takes my connection to communicate with the server I am playing on/connecting to. Some of you might be asking..but my ping is only 700ms, why can't I play a FPS game? Well, even though 700ms sounds very small because it's calculated in Milliseconds, doesn't mean it's that small. This is quite large for communicating with servers. This is why lower is better and higher makes it impossible to play FPS games.
Now, for me personally I live in the mountains and am currently running on Satellite Internet (Which is horrible).
My ping while playing RS is anywhere from 750ms - 980ms (ms = Milliseconds). Now for those who play FPS games as well as mmorpgs, you would want your ping to be anywhere from 15ms - 90ms, ESPECIALLY for FPS games.
Again, for me I don't notice my high ping in RuneScape at all. When I click to loot an item, it is looted immediately for me. Now, when I try to play Counter-Strike, I can't even move..or so it seems. This is because FPS games require a much lower ping (communication time) to bring up positions of bullets, players, objects etc..in real time. So I can't play FPS games with my connection. However, I am moving to Florida Sunday and will have broadband Internet.
Good ping: 15 - 90
High "bad" ping: 150 or higher.