I thought lobbies in SF4 were worse. I never bothered with them because of how that shit handled spectating. If you had any sort of lag with the people fighting, it would immediately go out of sync and eventually get behind and not even finish the match a lot of times. SFV at least tries to keep it in sync.
Thinking about it a bit, this is how I see it:
Ultra SF IV:
+ Working geographic filters for lobbies (also flags)
+ Voice chat
+ Steam / PSN integration (easily invite from friend list / view profile)
+ Joining from an invite is easy (can be done just about anywhere)
- No text chat
- First To One matches only
- Changing options requires re-making the lobby
- Spectated matches may fall behind, resulting in the end of matches being cut
SF V:
+ FTx matches
+ More options for lobbies (passwords, character select on/off, etc.)
+ Options can be changed on the fly
+ Text chat (partial credit due to pre-canned messages and having to hunt for actual useful messages)
+ Spectated matches stay in sync by fast-forwarding
- Joining from an invite is harder (can only be done from main menu)
- No geographic filters for lobbies (and flags are mostly broken)
- No PSN / Steam integration
- No voice chat
Both:
- No concurrent matches (only two people play)
- No way for spectators to chat during matches
- Ping indicators not reliable when browsing (at least not on PC)
- No way to set AFK / spectating only, you have to wait for people to time-out.
So as I see it, if V could improve on the areas where it falls behind IV, then it would be a pretty big step up from IV. And if we also could get simultaneous matches for 4+ person lobbies, then it would be a huge improvement over IV. One can dream.