Dreamworks are in Glendale and have been experimenting with cloud rendering last I heard. It's always been difficult due to bandwidth and latency bottlenecks.
Unless there's better bandwidth, this will be on the order of milliseconds.
Its mostly higher bandwidth from being closer to source. Latency is definitely improved but so is bandwidth if you are in peered in the same exchange. Peek bandwidth is going to be much higher, especially if you are pulling/pushing north of 10G.