It does on PC if your settings are to high for it to handle. I've seen users getting slowmotion supers when their framerate drops to 30 and below.
On the other user's end, too? I haven't noticed this in 17 hours of the last beta. The point I was making was that the game running like shit on your PC doesn't affect the other person. Whereas it pretty noticeably does in SF4 (slows the frames down completely).