Well for an example, the traceroute from 1and1 to NAC:
1 10.255.255.253 (10.255.255.253) 2.186 ms 1.905 ms 1.918 ms
2 v998.gw-core-a.nyc.schlund.net (217.160.229.125) 0.687 ms 0.575 ms 0.357 ms
3 ge-511.gw-backbone-b.nyc.schlund.net (217.160.229.66) 0.339 ms 0.384 ms 0.301 ms
4 4.78.164.1 (4.78.164.1) 0.553 ms 0.516 ms 0.555 ms
5 att-level3-oc192.NewYork1.Level3.net (4.68.127.150) 0.895 ms ggr2-p360.n54ny.ip.att.net (192.205.33.93) 1.664 ms att-level3-oc192.NewYork1.Level3.net (4.68.127.150) 0.778 ms
6 tbr2-p033901.n54ny.ip.att.net (12.123.0.94) 1.758 ms 3.022 ms 2.011 ms
7 gar1-p370.nwrnj.ip.att.net (12.123.0.157) 1.306 ms 1.274 ms 1.303 ms
8 att-gige.esd1.nwr.nac.net (12.119.140.26) 1.555 ms 13.670 ms 1.538 ms
9 3.ge-3-0-0.gbr2.nwr.nac.net (209.123.11.189) 1.360 ms 1.225 ms 1.160 ms
10 0.so-0-3-0.gbr1.oct.nac.net (209.123.11.233) 2.768 ms 2.811 ms 2.921 ms
Looking at that it occurs to me that the 1and1 DC might be in new york, not PA. I looked at their website and PA was their home base but perhaps I'm in new york with that box. And I know where NAC is, about 20 miles to the west. But there you go: 10 hops and yet a pingtime of 1-2ms.
edit: I corrected the locations shown by »
/colocspeeds , I think this makes a bit more sense ping-time wise, if not actually max speed wise.