I got an early copy and have spent the last few days playing online. Right now this game has some of the worst netcode I've experienced out of all the fighters on PS4 -I'd put this behind DOA5LR- but they have said that a patch is coming on 8/23, and hopefully this will help things. It has actually been all over the place for me. Sometimes fights feel like you're underwater. Other times everything stutters. And I've been fortunate enough to have some good-great quality matches with players in other states. The game has also locked up on me several times (so far only when online).
I've only had a chance to play in lobbies. Have yet to find anyone in ranked and very rarely have had a chance to play with this just one or two others in a lobby. I mention this because I've generally been running into the same people and one guy I had a very laggy connection with in a 10 man lobby had a very smooth connection when it was just the two of us playing in another lobby. Going to try making a 4-man lobby and turn off the streaming option today to see if that helps.
Does this game play better online than KOF XII did? Absolutely...not even close. It's much better than that mess was. Is it better than KOF XIII (console)? Yes, but that really isn't saying much, unfortunately. I really like this game and want to get into it, but I need it to play well online, otherwise it's getting shelved and it's back to SFV. SNK has constantly let me down with the quality of their netcode in the majority of their home releases, and as much as I want them to improve this game and hope the patch does just that...I have to be skeptical and expect the worst. It seems like they always promise things will improve and it never happens. I hope they prove me wrong this time.
Online aside, everything else is great. Really enjoying the new characters and the character variety that always makes KOF so much fun to play. I hope they fix lobbies, though- right now when the host leaves, the entire lobby gets disbanded and you get booted out of the match you're in with other players.