If your ping time is > 200ms and you have 3 other players with the same, your game is going to take 2 hours to complete.
If your ping time is < 50 and you have 3 other players with the same, your game is going to take 45 minutes.
Knowing the ping times of the other players helps you determine how long you want to wait for the other 3 players to load. It also, and more importantly, helps you determine how jumpy your meter is going to be. It has nothing to do with precision or accuracy.
Doug you understand Ping just fine but you're missing the point of the suggestion.
If I create a game with 3 other players and Player2 has a Ping time > 200, he's going to take forever to load. Then if Player3 has a ping time of 500+, the game is going to take while.
If my ping time is 500+, I'm not going to have a good game. So...I would check my internet, disconnect, and try again until my ping time is lower.
TMPC