I remember for the first 6-7 days the game would kick everyone out of the match because the migrating host failed. (game breaking) It was patched but the major lag was there for about another 2 more months.
I played BO about 3 weeks ago. It still has the lag but it's not game breaking. You might shoot someone and you can hear the bullet sound pause and than pop and the guy dies. It's kind of funny.
The rubber banding is still pretty bad in BO. (Frames skip every now and then) You notice this all the time as the host. Some players have only 1 bar. You see then disappearing and appearing as they sprint. --- Guns Don't Kill People, Lag Does~!
It was around a 3-4 weeks before the lag in the first black ops was finally brought back to normal call of duty standards. It wasn't terrible at launch but the lag was still a bit worse then what WaW and MW2 had been like. --- "that's why the gangsta rhymers ain't inspired, heinous crimes helped records sales more then creative rhymes"
I think I returned to the PS3 (since I jumped ship to the 360) in late February to find it fixed. --- "My name is Spartan Jay, the greatest MW3 player of all time. Because I am on your team, this team will win" ~ Spartan Jay