In this video I show you some horrific attempts at battle with 200+ ping against players with ~50 or below ping, most of my attacks going right through the enemy and some that the enemy strikes me with the invisible end extension of their weapon.
I have no choice but to be in WiFi for my PC at the moment so no doubt this is playing a part in some latency, though I could refresh the Oceanic Server List all day and the ping sits between 30-60 though the minute I join the game my ping will rarely if ever go below 100, so my guess is that the server lists only show the ping it takes to go from me to the server, once in-game it then includes other players into the factor.