New and disappointing.
The character creation is great, but the rest is just okay, I haven't experienced any lag while playing via the internet. The problem is that there aren't many people playing online. The arcade and story modes are a bit shallow and I wasn't really a fan of the idea of having three mimic characters, but the game looks great and the character creation is superb.
I know that Namco was just trying to breath new life to the franchise, but it just did't really work. It's definitely worth buying when the price drops, for now just buy Final Fantasy XIII-2.