I live in Canada, Alberta. I'm also pretty experienced with computers and networks.
The average ping rate seems to also follow around the number of people who are currently connected. That (I should hope) is obvious for anybody with a ground of common sense. My average ping is around 160-220 MS and I do relatively fine in PVE. PVP is a little harder but that is why they made mines and countermeasures. :rtfm:
Try logging in at times where there are less people online, and you'll likely have a lower ping. If not follow this handy chart I managed to scrounge up for Freelancer. Most of this is approximates so don't screech if it isn't precise.
10-40: You live in the same damn city. Or at least within a hundred miles. 41-80: You live close to the server in question and have little to no lag. 81-120: There is some distance but it isn't too terrible, the lag is still relatively unnoticeable unless your frame rate is the same as a Windows 3.1 machine trying to run Crysis. :unsure: 121-160: At this point you could be on the other side of the globe, but both the server and you have amazing connections which aren't busy in any way. You may notice the occasional lag spike. 161-200: Same as above except that the lag spikes may happen more often. 201-250: Your ping is relatively high, and you will notice spikes when the server is busy or has been on for far too long. However it is still playable provided you are willing to suffer with a bit of PVE transportation. Remember: If you can't hit them, they can't hit you either. 251-300: Your ping rate is getting into unplayable territory. 301+: Find a different server, you aren't fragging anything soon unless your ping rate is lying.