I live in Norway and my ping in this game is around 140ms one way. And this is in low traffic times. It goes up to 500ms and above in peek times.
When u see a red circle on the ground below you with high ping, the circle was there even b4 you saw it, and thats why u get hit even though you moved out on your screen. So this is resulting that every EU player needs to move 2-4 seconds faster then the average USA or Canada player. (servers are in Toronto if you didnt know).
In other words playing from US or canada is an advantage. Playing from EU = HANDICAP.
Just wait until PvP comes out and this game is almost like an FPS where ping is EVERYTHING. Server park in the middle of EU is NEEDED!!! Come on Square Enix..