I don’t see how this is possible if they are sending player input to a server somewhere with a 50ms ping. That’s a full twentieth of a second, not counting any lag at all from the server side.
I guess if you play an MMO or something that doesn’t care about lag it wouldn’t matter but I don’t see how you could play even a simple fighting game like Street Fighter 2 with that kind of lag, except at the most basic level.