This update will improve client side performance, i.e. when you are in a full group and everyone is nuking 10 mobs and you see PL slow down. It will not necessarily help your ping time. Considering you are in Sydney, for the data to travel halfway across the globe in 300 ms seems pretty remarkable to me.
This appears to be a common misconception, perhaps the Devs can elaborate further on how this update will effect ping times specifically.
This will have a significant impact on gameplay. For example, lightning has a 3 second cool down. Let's say we are in a boss fight and I am using all my 12 skills, that means I can only effectively use my heal and lightning skills once every 6 seconds. So my healing power and lighting damage are used half as much as they used to be. This is an overly simplistic example of course but it makes the point that overall we are losing DPS and for mages, healing per second.
By the way, I normally run and cast all the time and so do most people that kite.
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