agreed but generally faster internet gets you a better ping dependant on location of the server/host.
The two really aren't related at all once you get above the required bandwidth (this is assuming your ISP doesn't prioritise traffic depending on contract). Infrastructure and location are nearly entirely the determining factors.
Examples:
My house - 10mbit cable in West London, excellent ping
My old house - 20mbit cable in kingston upon thames, average to poor
My parents house - 20mbit ADSL in the middle of nowhere (literally, it's a cottage in the woods), terrible ping.
Anyways, these days thanks to lag correction and generally decent internet connections for most people, ping is nowhere near as large an issue as it used to be. Hosting on the 360 is a problem yes, but when it comes to dedicated servers, nearly everyone can find a server where things feel fair. It certainly creates less of an issue than people running around with mouse+kb on a game full of pad players.
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Losers.

