In my opinion, I would say No. You would not be effected.
The networks in the US are so extensive that you wouldn't have an issue.
Now, if your target users were in the US and you decided to go for a server in Australia, then I think it would be a concern.
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Do a lot of research on the data center you are going to. Knowing the history of a data centers uptime, support are key points to look at. I was on a VPS at one time and quickly found that i needed more BW than most VPS host provide you. Keep in mind that if you have a very high traffic site a Dedicated server will be better for you to grow on with out having to move again. This is because you are still sharing the port on with the other sites that are on the VPS server.
Location is not a huge matter, really. For me though, when you have a large website, and you want more servers, get one in Cali, Penn, etc... it's always good to have them all over the place if you like it that way.
At least you have a better idea of where to put them.
Since it will be still located within the US there should not be much difference in terms of speed.
It would be different if you had a server hosted in the US, and the majority of your customers were in europe. Only then would there be a noticable drop in performance when compared to a server in europe.