Where do you live that made this impact?
They were moved to Chicago because anyone living in the northern or eastern part of North America had high ping due to them being in Portland...
Given that the majority of the population is in the northeast, it seemed pretty unfair to have the server in the southwest...
You must be in Hawaii or something to have 480 ping though. Even in Toronto, I only had around 65-90 ping before the move. Then again, I have pretty good internet.
Also fyi: 480 ping = 0.48 second delay, not 2 seconds. Although I agree that would be unbearable. To be fair, I occasionally had ping spikes up to 600-900 ping when the servers got too busy prior to the move.
In short, the move may have hurt you but it benefits the large majority of players. It's also more fair (central location).