In online gaming latency (AKA lag AKA delay) is generally more important than bandwidth. Latency on satellite connections is simply awful compared to a regular modem. The satellite is in geosynch orbit which is 35700 km away. Even at the speed of light this takes a fair amount of time to travel. Counting the distance, conversions, network delays, etc. you would be lucky to get a ~650ms ping. This is compared to a ping of ~250ms on an analog modem and ~80ms on a DSL or cable modem connection. These are not the lowest numbers you could get, but they are fairly normal numbers for game players.
So, in summary, if you are getting satellite internet access for gaming, don't bother.
Edit: Geosynch orbit is 35000 km. You talking to a server would require one round-trip which would be 35000 x 2 = 70000km. Then there'd be 100ms or so delay for translations and network delays. Then you'd need another round-trip up to the satellite to get the response from the game server, so that'd require another 70000km trip. Speed of light in a vaccuum (which the Earth's atmosphere is not, but it's close enough) is 300,000km/s and our trip is ~150000km, so that's 500ms delay simple for the trip plus a minimum of 100ms delay for traffic and conversions.
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