network latency rather than bandwidth had a greater affect on the speed of browsing
This has been well-known for a while. I present to you the TCP throughput equation:
http://www.apps.ietf.org/rfc/rfc3448.html#sec-3.1
The fundamental reason for this result is that the rate that TCP's congestion control algorithm increases the congestion window is tied to round trip time. Congestion window determines how many packets can be "in the air" at any given time, and starts from 1-3 packets in modern OS's.
Moreover, packet loss dramatically reduces TCP performance, and this can happen whenever traffic traverses a congested router along its path: once the router queue is full, packets get dropped, and your congestion window is cut in half and grows slowly afterwards. It might be surprising to some, but the effect of queueing delays can often dominate the effects of propagation delays due to the physical distance that a packet has to traverse.
I know this type of measurement study has been done numerous times; I'm blanking on more recent ones but I know for instance the Rocketfuel project [1] from 2002 did perform large-scale Internet measurements that included link latencies from various vantage points on the network.
[1] http://www.cs.washington.edu/research/networking/rocketfuel/