I moved to the middle of nowhere in 2010 and played almost all of Cataclysm on a 1Mbps connection. It was completely fine, so you shouldn't worry. Steam, however, will become a said endeavor, as well as streaming decent quality video (especially if you have data caps, which I didn't). Just get used to leaving your PC on for long periods of time to download games and updates.
Of course all of this will depend on your speed. I know that where I lived now offers 8Mbps for the same price as when I had 1Mbps.