Gfwl netcode was pretty good for me, however, Ultra is probably the worse performing product I've ever bought. When your online play and settings affect your offline play (where arcade play stutters and halt to a crawl and makes the fan in your pc run into serious noisy overdrive) you know there was a high level of in-competence at play in the making of this product.
I actually believe the recent patch made this game even worse than it used to be, there's a major memory leak somewhere which slows down the game to a crawl. Sometimes I play online and the game feels like it plays itself, my inputs comes out faster than anticipated at times, sometimes not at all and sometimes too late. Sometimes I play and I believe i'm not in control during the match, it's very very sloppy.