Everything on the VPS/VM runs at speed. For example, when I was trading we had servers that were running single digit millisecond HFT strategies. We used remote desktop to monitor the boxes and never had a problem watching because we knew it was running at realtime and delayed to us.
By "decent internet" I mean you are on the same backbone and in close proximity. If you have Verizon the VPS/VM would want to be on Verizon and you'd want to be close to it. If not I'd count on a delay or at least poor end-user experience.
It's tough to say what good/bad internet is. This afternoon I was on a L3 tech support call with Xerox trying to fix a 32 vs. 64 bit driver conflict issue. The Xerox guys are in Oregon and logged into my computer via Team Viewer, I am in CT and I was logged into a machine (also using Team Viewer) in NYC so it was 2x remote sessions on top of each other and the guy in Oregon was shocked at how good/fast the experience was. On the other hand I have a few HFT hedge fund guys that call and complain about how bad the remote login is every time they are at their ski houses in Vermont.