Good idea but right now I would consider the netcode to be 'okay' not super amazingly good, but not bad by a long shot, and the few bad things could easily be fixed with a simple patch.
If you play Green connections it's quite good, good enough to learn how to play and get better at least. Never experienced a 'hey I teched that grab!' or 'Oh fuck, my move didn't come out' while playing guys with Green bars or really good Yellow connections and unbelievably I've been able to find quite a few Green on PS3. Compare this to my experience with 3SOE also on PS3 and I shit you not when I say that I found a grand total of 3 Green connections in that game in the span of 3 months. 2 of which were at one point Yellow and still had lag issues.
Only issues right now:
Connecting to a room. Sometimes you try to connect and it say's no rooms available, but I can create a match and boom, within 5 seconds someone joins.
Fix any desync issues.
Lower input delay (right now it feels like 5 or even 10 frames on a bad Yellow connection).
Fine tune the netcode and matchmaking. I can create a room and set the ping limit to 3 (Yellow or better) and twice did a guy with Red ping somehow get matched up with me.