As per the recent test, I think a lot of latency issues have become less pronounced. Only in 'Dome Deathmatch' did I really see any glaring movement issues.

There are still plenty of funny movement related issues because of latency, but they don't really affect the game too much.

And it's totally worth it. I sat there laughing for a good long while after someone dumped a jet right into the ground, taking at least 5 people with him.