This is amazing. I know there will be latency issues, but for majority of web browsing, videos, etc, it shouldn't matter. We are entering the era of spacenet and the future looks bright. Imagine having devices as small as phones or set-top boxes that can directly access internet using satellites. It would lead to a revolution in many industries.
Genuine question - why is it a given that there will be latency issues? It looks like the satellites are only ~350 miles, or a little less than 2 light-milliseconds, from Earth's surface.
User -> Satellite -> multiple hops between satellites (as they are orbiting earth and the right one has to be selected to relay data to -> earth DNS servers -> multiple hops across internet -> satellite -> user
Additional latency is introduced due to satellites and the grid between the satellites, as well as complications from rotation of satellites.