> For example, if your latency is high then loading a web page with fifty small pictures will take longer than one really big picture.

This is true currently, but check out this http/2 demo with a tile of images loaded with different latencies:

https://http2.golang.org/gophertiles

If you have a http/2 enabled browser, then it shows how even with high latency, the browsing doesn't suffer nearly as much.