Plus, inferior/high-latency is fine if it's global. I'm guessing people won't generally be trying to play Call of Duty on these universal links, but rather getting essential services like wikipedia, email, etc.
That is why I was careful to specify traditional satellite internet services. It appears the distinction was lost.
22,236 miles up, opposed to LEO which starts at about 100 miles up.
The highest cost is that you will lose sync with the satellite, since they will be rotating over the horizon frequently. If you can launch enough satellites, then you can have multiple in view at any given time and thus keep a continuous link.