Played a couple of players online, and 4 out of 5 times there was no noticable lag! :) Also they added some features here and there, like when joining a room, a new window appears than shows PSN ID pictures and names. Also, it doesn't go straight to arcade mode after a player loses. (so no need to press start to challenge them again, it automatically returns to character select screen). Also when you choose to leave, there are multiple pre-made text "quotes" you can display to your opponent after you leave. Very nice!
The netcode is better than 94. There is rarely any lag/input delay throughout matches, however, only 5 to 8 players exist online at the moment. As a bonus, you can also use bosses offline/online if the host turns on "Enable hidden char." King of Fighters 96' will also be released soon as featured in the Neogeo Station title lineup. Feel free to add me if you have KoF 94' or 95'.