Latency may actually be better than fiber for long haul access, because routing will take place between satellites. The speed of light in vacuum is about 50% faster than the speed of light in a fiber (which of course we use terrestrially)
https://bigthink.com/robby-berman/elon-musk-quietly-plans-to...
EDIT: More details here on p2p, encryption, etc
http://www.alphr.com/space/1008632/Elon-Musk-SpaceX-Starlink...
https://www.reddit.com/r/technology/comments/807fns/elon_mus...
I am very much looking forward to this. This would solve several problems for me.
https://arstechnica.com/information-technology/2018/02/space...
Postscript: Iridium is LEO and doesn't require a fancy antenna. How come? Iridium is designed for voice; throughput is a few kbits/second. That's way too slow for modern internet. For mbit/sec speeds, you need a higher signal-to-noise ratio and an omni antenna like Iridium's won't cut it. You have to track the satellite.
SpaceX plan to use orbits at around 1110 km - 1325 km.