No, the latency for traditional satellite internet is between 600ms to 1000ms (one full second). Cite: http://arstechnica.com/information-technology/2013/02/satell...
That is why I was careful to specify traditional satellite internet services. It appears the distinction was lost.
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.
22,236 miles up, opposed to LEO which starts at about 100 miles up.