Well, that's one of the weird things. The lag seems inconsistent. Judging from what I've seen on various forums, it seems to vary. Some people say they never experience it at all. Even for me, sometimes the lag seems reduced, although it never disappears entirely. Regardless of that, it's still a gamble every time I fire up the game on PS3, and I think enough people on the Internet have reported it that it ought to be investigated.
Meanwhile, the Vita version doesn't suffer any control problems, but almost every table has at least one or two fairly noticeable bugs, some of which greatly impact play. Just quickly going from memory, Arabian Nights displays the "Free Play" message on the scoreboard instead of certain event notifiers (such as locking a ball for multiball), Ripley's has a broken goal requirement that prevents trophy/wizard goals from unlocking, and Black Hole has a non-working rollover at the top of the playfield. None of these bugs are present on PS3...although PS3 has another set of bugs to call its very own, like Ripley's often getting stuck panning the camera over the table instead of loading a ball into the plunger (forcing you to quit and restart) and occasional crashes. They're enough of a deterrent that I barely touch the PS3 version anymore (one of my friends already quit playing it entirely), and I'm hesitant to invest any significant time on the Vita game also, since bugs are impeding my progress on that version.
Before the game came out, I really liked the concept, and was planning on buying a lot of DLC to support them. However, it's turned out to be such a disappointment, and the developers don't seem to care at all about fixing the bugs. At this point, I wouldn't waste one red cent on the DLC, since the initial set of tables are so glitchy. I'd much prefer that they fix up the base game first, and then perhaps I might consider buying DLC in the future.