Accepted answer: no
For some reason, I have very, very high ping (300-700ms) while playing online games - and only on online games. However, internet and downloading proceed at normal speeds - I can ping, say, www.google.com at a healthy 30ms. I know it's not my ISP/router/access point, because I'm playing with people in the same room and over the same network.
(The games in particular are Left 4 Dead 2 and Minecraft, if relevant. Oddly enough, Magicka didn't seem to have this problem...)
EDIT: I honestly don't know what my connection is - I know that my end is wireless, and since it's a university connection I'm guessing my internet is T1. I am experiencing the rubber-band effect, but it's constant - as in, I'm always bouncing around between places, I never pause for more than a half second, enemies animate in place for a half second before teleporting, and so on without any stretches of smooth connection. If you need more information, please ask instead of closing - I'm not sure what to give.
EDIT: Also, since I realized the information might be useful - I'm using an Acer Aspire M5-481TG, running an i5 CPU and an NVIDIA 640M LE graphics card, and using a Qualcomm Atheros AR5BWB222 Wireless Network Adapter to connect to the internet. I've rebooted just before running the game, closing all other programs that access the internet; I've also installed TCPView to make sure this is the case, which lead to me experimenting with ending "PMB.exe" (which may have decreased my ping to 150-300ms, but the experiment was uncontrolled and the ping jumped back up to ~500ms later.)