I take it that's not too bad.
Lower = better. But if everyone is around 125 tops, that means it's only a quarter of a second (250ms 125 for each player to the server and back) for actions to be seen by one another. So not bad at all. Now if it was 250 or higher, we're talking half a second to a second of delay of when you fire and when he sees it.
Actually, my math is bad, it's less.
Say you have a 120ms ping, and I have a 40ms ping (my max on the server).
You fire off a shot, the ping is round trip, meaning how long it will take you to see your shot rendered on the server. So it's actually half that for the time it takes the server to render. 60ms. Now half of mine is 20. Which means you fire, 60ms later the server gets it and renders, 20ms later, i see it and get hit, that's 80ms to shoot me. Although it still takes you 120ms total to see you're doing damage to me.