The lag wasn't so bad for me. The problem was the lack of admin options (you can't even boot people for crying out loud, and you can't change game modes without restarting!)... and the general lack of the options that I've come to expect from the UT engine... such as bots!
The game really could have stood an MP patch (the last "patch" was really nothing of the kind, it was just an installer for that Hangar map + the map editor) to add these things... too bad. ;(