Mmm, just played an hour of MCSGv2.
Rubber-banding which you have already noticed.
It's practically whoever gets 1st hit wins, but AU players actually feel like they're playing on Australian servers now. And all the Singaporeans are getting more lag then they're use too. They're now feeling the rath of lag that we Australians get..
It also lags terribly as someone gets the last hit on you, everything freezes, then it says you died.
And I'm not sure if this is just me but my Minecraft lags as I head to pre game/deathmatch, it doesn't register until like 2 seconds to go.