I played with a couple people I've had past experience with having a good connection and it was playable, no lag whatsoever. However, afterwards I played about ~10 matches in ranked and endless each, and I didn't experience one smooth match. Infact all of them were extremely bad with freezes and heavy lag. The problem seems to be the game telling me that my opponent is a green bar connection when it actually isn't, and when I get sent back to the lobby they show a 1 or 0 bar.
I'm pretty sure the complaints will reach Capcom, if they'll do anything about it however I don't know. They did make efforts post-Steamworks with like two or so patches before Ultra dropped today, one of which addressed "network issues" but it seems like they're not fixed. I guess time will tell if this stuff will be addressed but as of right now the netcode hasn't improved from AE.