The important piece here is that bandwidth does not equate to latency. There are scenarios where they do intermingle though (such as if your family has netflix streams going and using all your bandwidth, then yea, you are probably going to get latency). Otherwise, by itself, 1mbps is going to have the same latency as 100mbps.
NOW, you mention streaming games and it surprises me that no one has commented on this. This could potentially be a different beast. You need both low latency AND a decent bandwidth for the video data for it to even be usable. I won't pretend to know everything about how they plan to implement it, but I think that if the plan is to stream at 4k, then yes, just like Netflix, you will need a faster connection because you are not just passing 'play' information, but they are sending you the video output. 4K requires quite a bit more bandwidth than 720/1080. I've messed a bit with the PS3 streaming in the past and honestly was not a fan. I only have a 15mbit connection and even with that I got quite a bit of pixelation due to the connection not being fast enough at times. Latency is a whole other beast - and suits some genres better than others.
Ultimately, IMO until our internet infrastructure is improved considerably, game streaming anywhere other than major metropolises will be less than desired for some time yet.