-First of all this game isn't bad. If there were more people playing it, then online would be an excellent experience, but due to a small amount of people playing means less chances of online sessions being paired up.
-The graphics aren't awful as some as the other reviewers state. Really, the graphics for the type of game are great (not the best) and definitely better than others. Add in all the chaos that's happening on a fairly large map... it's a lot to process all at once.
The sound is okay, not bad. I don't like the generic mouth movements with excessive emotion from characters... they don't line up and sure, the acting is misplaced. But the soundtrack does more than make up for the amusingly bad dialogue. I found the music to be pretty intense and makes you get into the battling a lot more. Plus, the songs are well done... not just some random techno/guitar rifts that are for crackheads.
-The online will lag. Are you surprised? I'm not! What game online DOESN'T lag??? Add in the fact you have 16 people battling on a large scale map... a room full of players from the US, Mexico, Canada, UK, JPN, and even AUS (Of course anywhere really). If that session doesn't lag, then you must be suffering from epilepsy because there's no way you'd miss those dropped frames! Occasionally you can host a room with friends and locals, but nothing is guaranteed. The lag is livable though because those who're lagging will phase in and out (the character will flash) and all you have to do is avoid them. The room as a whole won't lag enough to make a difference unless everyone is flashing.
-The gameplay is fairly simple... you learn the basic combos that apply for everyone... the only catch is that some characters maneuver differently and the "tricks"won't be as effective. Take the basic combos, add in the random items you acquire throughout the map and just kill people. You can die a lot, sure, but just make it a point to kill the most.
---Just Relax and enjo