Plays great in player matches... I still have a few complaints that I thought wouldn't have been a problem...
-Ranked is completely pointless. There's no way to filter it to my country, and all the matches I tried were overseas people, unplayable.
-Red dots, green dots, blah just show me the ping in numbers.
-I can't filter player matches to my country, or prevent people from overseas from joining player matches. This is CRITICAL. It's completely unplayable with people from overseas. They should have done this.
I really don't like using friends lists and all that, and with SSF4AE I don't need to. I can go into arcade mode, turn fight request on with the same country, and I'm set. This is nowhere near that good. Ranked match in particular is clumsy, you spend minutes waiting for it to connect, then it's unplayable.
edit: another bizarre thing, I can't pick a green Urien. HP and HK are both brown... I think they might have colours mapped to controller buttons rather than commands.