Yes it will! I have also found that wrapping your head in tinfoil helps receive signals from MotherShip faster.
No, seriously, ping time shouldn't be greatly affected unless you have a really crappy signal to begin with...and then your going to have problems on the 'physical' layer, most likely making 'ping' a figment of your imagination.
CCN[A,P]'s present? Make a liar of me? Am I wrong?
Not everything that can be counted counts, and not everything that counts can be counted."
-- plaque on Albert Einstein's office wall