Remember that by definition, Satellite is the longest possible route to anything, which really only makes it suitable for things that are download-centric, like streaming.
I don't think that a cheap "satellite cloud" internet system exists yet (many satellites in low orbits), and even if it did, you'd be risking disconnects about every 15-30 minutes as each satellite connected to passed over the horizon and had to switch your signal to a different one. The beginnings of them exist, they just aren't cheap (mostly geared to military and commercial), aren't all that fast compared to wired products.
Which leaves you with geostationary satellites, which at their altitude means 150-200ms lag going up, 150-200ms lag coming back down, THEN lag from the ground station to where the game's host is located (remember that "cloud" = "Somebody else's computer, stuck god knows where") and BACK. So, 400-500ms lag at best (and probably closer to 600-1000), and that is worse than dial-up (I got less lag than that connecting to Europa from the US for a gift trade, and even connecting from KY to a west coast shard averaged around 200ms).
Frankly, except for patching/installing, slow DSL should be fine for non-combat and most PVM/PVE. If you aren't going to PVP, then the high speed isn't as big a deal.
UO's data stream is still so small, there are people overseas still using dialup, last I heard (people talking about some of their guildmates at the 20th anniversary meeting). Even .25up DSL is STILL 5-10x faster than dialup, and as long as you're not pinging over 100 you'll be fine (more than 100 each way and you're running 1 "tick" slow)