464kbps is 464 kilobits per second, or 0.464mbps (megabits per second). In today's world, that's very slow. Back when such a speed would be considered fast, the internet and its applications/services were pretty different. A 464kbps connection during those days would serve you quite well. Nowadays things are much more media-rich, and a higher throughput is required to maintain a good user experience for that.
But for the most basic stuff, it would work just fine. Email, instant messaging, google search, loading of basic websites that aren't heavy in media content, streaming radio, streaming low-quality video, etc.
What will hold you back even more than the low speed with the satellite connection is the inherent latency. And that will definitely manifest itself as a lag or delay from the time you request data to the time you see it appearing on your end. Still pretty cool though.