It depends on the app, I suppose. With my SlingMedia player app, I can suffer through 100ms latency without issue, provided the download speed is steady at 1500+ kbps.
I'm also streaming 320 kbps music throughout most of the day, and the latency does not appear to be that critical to either MOG, Spotify, or Google Music apps.
Only voice and video call apps would significantly suffer that I am aware of, but are there any other apps that might rely on a very low latency? It's not like 150ms is terrible, just not perfect for online games or VoIP applications. Are these heavily used by most smartphone users outside of a WiFi range?
I did a few speed tests from various servers listed nearby. The results are a bit sporadic, so I'm not sure how telling these tests really might be.
Speed Test from Various Servers Nearby