Multiplayer PONG on high latency network

What if you modified the speed of the ball depending on the latency. You would see the ball coming at you full speed but you would see it head toward the other player slightly slower.

If you had 500ms round trip to the other player then you could make the ball 500ms slower heading to them on the screen. You would recieve the message of where they hit the ball at the perfect time in the animation. The other player would see the reverse.

Would this work? hrmmm.