it's a few hundred miles up instead of 22,300. this means that it's not geostationary and you gotta switch your dish between satellites often as they go overhead, but latency is far lower.
When starlink sats are fully using laser interconnects then their long-distance (london-NY or further) latency should be considerably less than anything else available. The speed of light in fibre is about 1/2 the speed of light in a vacuum.