I've got a 100mbit Fibre connection. I live in an inner city suburb.
It is continually dropping out (I get an average about 1 hour a week of downtime), my upload speed tops out at 35mbit (using iiNet's own tools) and for a lot of things like YouTube, videos can be sketchy, even on the more popular ones.
Australian's really aren't missing out on much if this was supposed to be the standard.