It would be good and bad.
Assuming the best, that we have enough population to wholly fill several 'continents', I love the idea of travelling to a new one and experiencing not only a different game world, but having the majority of the player pop there also speak a different language and have different politics. It would be terrifying, exciting, and likely beautiful as well.
Assuming the worst, our pop does not explode and either:
A) the few of us divide and go to where our ping is best, further killing the game
B) to keep the game alive, we ignore the different areas and play in the same area regardless of ping, making the other areas pointless
And no matter which outcome it were closest to, you still have to consider - would you be happy with the cultural divides? Having the ping continent division will make your particular area less interesting and diverse.