Having just spent a week in Iceland, they may have fast local connections, but for actually using US based sites and services, I'd rather have 1.5 MBit DSL in the States (actually I have the Comcast 50/10 service at home). It was painful.
The only issue is you're still limited by the 250 GB/month transfer cap. My first month with 50/10 I did over 750 GB, and got a phone call about it:>