You're absolutely right about the latency. I've got Verizon's 1xRTT / 1xEV-DO service, and live in one of the metro areas supported by the higher-speed 1xEV-DO service. It's great for downloading files and checking email, but terrible for remote ssh sessions due to latency. Works in a pinch though if I'm out and about and need to check on a server.
My only other complaint about Verizon's service is that there are major areas with no service at all. The rule of thumb is, if you're on a Verizon-owned cell tower, you'll get at least the 1xRTT speed (similar to dial-up). But the entire state of Oklahoma, most of Kansas, most of west Texas, and most of New Mexico have no coverage at all. These areas are all covered by roaming agreements with other cell carriers incapable of providing coverage. I can't speak for areas outside the southwest.