I believe it is to test speeds.. example..
ping capertech.net
Pinging capertech.net [209.123.49.217] with 32 bytes of data:
Reply from 209.123.49.217: bytes=32 time=48ms TTL=46
Reply from 209.123.49.217: bytes=32 time=46ms TTL=46
Reply from 209.123.49.217: bytes=32 time=47ms TTL=46
Reply from 209.123.49.217: bytes=32 time=46ms TTL=46
Ping statistics for 209.123.49.217:
Packets: Sent = 4, Received = 4, Lost = 0 (0% loss),
Approximate round trip times in milli-seconds:
Minimum = 46ms, Maximum = 48ms, Average = 46ms
As far as I know.. it pings the location 4 times and replys the length of time it took to get a reply and then tells you the fastest, longest and average.