I recently changed my service to Verizon Fios, and I am really satisfies with the service I get, except the TV service.
Stupid TV guide wouldn't update frequently.
Anyway, to answer the question:
1) It won't likely make much difference when you play regular online games, but it makes huge difference when you play FPS or when you host a dedicated server, or where you are required to host the game. Because of the nice upstream speed, you will never get high ping if you choose good servers. For me, I get less than 10 ping for most Team Fortress 2 games.
2) They provide you with a modem/router combo, but if you are planning to use the wireless function and receive actiontec router, be prepare to change it with other wireless routers, because it tends to send really weak/inconsistent signal and it will drop your connection like every 10 seconds.
...But overall, I am really happy with the down/up speed I get.
FYI, I signed up for 15Mb/2Mb plan.
Jam it back in, in the dark.
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kouji