Bump. Riot really needs to look into this issue. I have played a bit of Tribes: Ascend lately and the difference between Oceanic and American servers is tangible. I realize that LoL may not need the extreme short latency of FPS games such as T:A, but if a small budding company such as Hi-Rez can support a Oceanic server, I'm sure you can too.
Oh yeah, not to complain, but the people at Hi-Rez have AMAZING communication with the players in the forum. They are in literally every second thread. Just saying, but this is one area Riot needs to step up at. Companies with the one-game principle really needs that communication and feedback discussion with the players.