I'm in Colorado and had one regular player in my game who was in London (he's since moved to Japan, making his schedule impossible to line up, so he's moved on). We never had any MapTool performance issues.
Try it and see. I think if you can establish voice chat you're not going to have a real problem. Maptool will send graphics, but one trick is always to be reasonable in your use of graphics. Don't drop lots of 4 meg files onto a map. Do NOT use a 27 mb background map! Best to use the built-in vector graphics for the bulk map and use smaller images for specific features, buildings, wooden walls, furniture, etc. If you reuse the same images a few times it helps too.
Really the only performance issue I've seen is now and then some complex macros will take a long time to print to the chat window. It usually isn't a problem. You can have lag now and then, as with anything. Can't say if this is better or worse with other VTTs.