Not quite!

SpaceX wants to launch 4,425 satellites into low-Earth orbits, with altitudes ranging from 715 miles to 823 miles. By contrast, the existing HughesNet satellite network has an altitude of 22,000 miles.

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SpaceX expects its own latencies to be between 25 and 35ms, similar to the latencies measured for wired Internet services. Current satellite ISPs have latencies of 600ms or more, according to FCC measurements.

source: https://arstechnica.com/information-technology/2016/11/space...

SpaceX plans to have satellites at 1,100 kilometers (680 mi) altitude unlike previous attempts / current offerings. Latency would be closer to 25-35 ms.

[0] https://arstechnica.com/information-technology/2016/11/space...

That's not LEO.

I'd hate 1s latency for interactivity, but for streaming video or audio? Sure, sign me up.