your latency "basically" says how the game will be on your screen. I've been in basically every different latency from under 100 to over 5000 and really it don't really do much except tell you how delayish you are you don't really tell how laggy you are in my opinion!
I've been in over 800ms situations and haven't lagged to be honest. However the delay changes are remarkable only because you're used to playing at a certain ms most of the time and when your ms changes considerably by 150+ it's like having to rediscover everyones delay again! The other day, I randomly sparred for trolls and my ms was like 300+ instead of 120 and under and aguzo couldn't hit me at all even though 99% of you guys won't believe me! Delay changes and I do think that anyone who lives somewhere with a 230-350 ms or really low meaning somewhere under 50ms range has the best "delay" even though for the under 50ms not really delay they find it easier to hit people in game!