My ping has always been like 200+ (like about 220), and unless someone drills a direct shaft between Sydney and LA through the centre of the earth and runs a CAT6 through it, it cant really get much better. Mind you, out new house has a speedier connection so now my ping can be a bit under 200.
It's never really affected my gameplay, although i wonder if it costs me some reaction kills.
Supposedely a BFLAN network card (or mobo with BF onboard) will get me a whole 6 or 7 millisecond improvement.