Internet satellite usually come from a single Geosynchronous satellite which is located at a 42,000km orbit. At the speed of light it take 280 msec to cross that distance back and forth and you can add some more delays for the earth network time. This delay doesn't affect streaming or downloads but it will affect lag sensitive operations like ssh, gaming, vpn, voip, etc.
The proposed 700 sat network will most likely be in low earth orbit like the iridium satellites at around 750km. At that altitude, the delay becomes 5 msec which is more than reasonable.