Unfortunately, satellites have really bad latency, due to the fact that you have to beam data long distances (and the speed of light isn't that fast...).

I doubt any single person will get the full bandwidth anyway.  And 1.2Gbps isn't really that fast compared to what you can get nowadays (Gigabit ethernet = 1Gbps.  10GigE = 10Gbps etc)
I think the main significance of this is that it's a satellite - I don't think satellites have been able to transfer stuff at this speed before...