Hi BP,
I tried it also this weekend, I guess we were on at different times, it also seemed like not really that many people were there maybe 4-6 at a time.
I played with 3 different people, 2 guitarist and 1 drummer.
each was a bit different and each learning experience.
I have ethernet so my speed was not an issue, a couple of things improve the experience, the use of the overdub button and pressing the REC on your one trk gives you a more in sync, less echo affect, on the drummer we worked until his mics were adjusted to get his volumes right, you tend to get a more dramatic sync issue but when I put the overdub/REC on his trk it was pretty decent.
Also we dumped our session and went from Distant Player to Better Audio and it was much better.
I use my Motif MLAN via firewire for all my audio inputs and so basically I can play songs off the Motif, drop in audio files, use mics, guitars the whole 9 yards so its pretty fantastic in that regards.
The lag issues are a bit hard to get used to, but each version that they put out they have made major improvements says the drummer I played with.
well I give it a 6 out 10 right now,
I wondering if something like SKYPE might work for just a one on one.
Anyway I'll keep checking it out.
Dan