Vastly faster, yes, less than an hour ballistic flight time to the opposite point on Earth (and perhaps somewhat less for closer points, though it could be complicated).

Vastly cheaper... it sounds like not an optimal approach energy-wise, so maybe not so easy.

Need for transoceanic air freight - maybe, after the whole infrastructure is in place. If we'll see that, it might take a while - like, not this decade at least :) - to achieve.