It's all relative. I've played two guys from Philly. I live in Reading. Both times it was perfect. I may as well have been in the same room with them. I also played a guy in SoCal and that was perfect too. No lag. Finally, there was one other matchup I got with someone in Arizona. That was nearly unplayable.
Internet connections vary greatly. Therefore, with games that require split-second timing, gameplay will vary based on that varying connection. If you have friends locally or you choose to take on random opponents with "excellent" or "good" connections, you'll probably find the experience very enjoyable.