minimum theoretical latency = d/c = 42.5 ms (EDIT: thanks for correction, ArturSoler!)
c = 300000 km/s, speed of light, http://www.google.com/search?client=ubuntu&channel=fs...
d = 12761 km, distance between San Francisco, CA and Bangkok, Thailand http://www.travelmath.com/flight-distance/from/San+Francisco...
By the way, speaking of locality, here in St.-Petersburg, Russia, now that I'm connected to the new Ethernet internet provider, I get 3 ms to google's servers, which means they are in the city already (they are; 8 hops). I haven't got such low latency to any Russian site yet. I actually decided to traceroute them when I read about a new Google's data center in Kotka, Finland and read suggestions that it might be used to serve Russia too. Good guess, but Google already does better than that, which shows their attention to maximizing quality of service.
Those latencies are achievable with a good Ethernet provider. DSL will add 10..20 ms, depending on modulation. Radio will add hundreds.