I've been on Ranked for the last 3 hours or so fighting against Japanese players and the netcode is still holding up well for me. Even with 1bar connections I'm not getting any huge delay and there was only one time out of like 20 matches where the delay was so bad it was pretty much impossible to land anything. But again I still feel it's much better than AP where even in the best conditions there was still noticeable delay. Again I'm on East Coast and consider my internet to be pretty decent (60mb down 10up) so it may depend on how good your internet is.
Also, some random impressions so far.
-Game plays a lot faster than videos would lead you to believe. Watching videos I was under impression it would be another slower paced game like AP but fights have a pretty hectic speed to them and there's plenty of options for mobility.
-Homura is really popular online and I can see her being a pretty constant character. Good damage,, simple confirms, and combos seem really easy, and she has a lot of "netplay" sheananigans including an attack that teleports her right behind you that can be really tough to deal with in a pinch.
-Sonico is really annoying to fight. The cats that follow her move independently and have a delay between their actions, so even if Sonico herself whiffs something and you counter-hit her, one of the cats can still attack you and interrupt your combo and give the advantage back to her. So you have to be really careful when going in. She also has helpers remnant of Mouri from AH3, except on a much more annoying level since the stages are smaller. It's even hard to zone her out because one of her helpers comes from behind you and a counter-hit can lead to a full combo (god help you if she has the right assists) so you can't throw things out without care either. I probably just don't know how to deal with her yet but it's one of those battles where it feels like everything is in her favor.