As far as I'm concerned, 500ms is normal latency (once setting aside network delay -- clearly a 200ms one way trip from Europe to NZ will add to that)
I'd say ultra low latency would be sub-frame, so <40ms. Low latency on the 1 frame to half a second, normal upto say 1.5s, and high latency beyond that.
But that's for point to point or multicast circuits, and ISPs don't like multicast as they can't charge for it.