good ping = good kaillera netplay.
A friend of mine who lives local has a 35-40ms ping to me (he as cable, I have adsl). I set up the kaillera server on my machine. Note, ideally the server should reside inbetween the two parties distance wise to get the best results (if possible).
At a 20 keyframes set, we where playing Street Fighter 2 Hyper Fighting in a more than acceptable state, with only the odd bit of lag. Not bad, considering we where also running Skype VoIP at the time, so we could sh!t talk each other during the rounds... The performance if more than acceptable, bordering excellent IMO!
In a LAN environment, Kaillera has worked flawlessly when ever I tested it. Set the keyframes to 60, and its is as if you are both sitting on the same machine.
While kaillera may not let me play people on the other side of the planet, I can't really complain as even PS2 online only lets me play against peepz within Australia/NZ. Keeping within those boundries (with acceptiable ping to the kaillera server being <100ms) and I feel kaillera performs well too.
Its just a shame development on it has seemly ended...
If you look on the Kaillera forums, you should find posts pointing to more recent releases of a MAME (.81 at last check) that support kaillera.