i can't comment on the ps2 version, but i see in your profile that you have an xbox also
I would suggest getting this game for the xbox.
I rarely have any problems with xbox live
out of about 300 fights i have only had like 4 disconnects/crashes
and no lag time...not bad at all, i am happy with it
as for cheese, don't worry about that especially if you rely on strategy. you should have no problem thwarting the cheese

I've been in my fair share of MK: Deception online matches. In all I've like 150 something matches. I've stopped play Deception all together, not because I don't like it compared to MK: DA.
1. Gameplay isn't all that great when you get down to it. I have a 5 star connection everytime I log onto Deception online do to lag. Even though I don't like how Yet I can still get double it lag( lag enough to produce double hits ie hit one another at the same time. Lag can also can produce unfair hits meaning you could be hit a few seconds later that when your attacker hits you. Also in some case you could side step an attack and then attack the other person but still get it as though you are in right in front of the person's attack. Playerwise. My win lose ratio for online is 120/37. My wins are mostly because I used all my character's moves and combos. Most of my loses can be totaled up by cheap fighters that do the same damn combo and move. Most of all throws. Keep in mind the stuff mentioned above......LAG. I've fought few true MK: Deception great fighters that use most of their character's moves and have given me a great game. Yeah MK: Deception online isn't a bad experiance when it comes to lag but lag is a big enough factor to get some hits ******sometimes******. Sometimes that could be a disadvantage. I'll stick with MK: DA offline. For me Deception isn't fun online for the main reasons(besides the fact I don't like Deception's slow fighting system): lag is
slight promblem that can still determine a match sometimes. Cheap players that do the same move/combo/special move over and over, and most of all cheaters.Overall all if you can get past Deception's online small but "take advantage" lag issues and can deal with cheap fighters/players just know how to work around the system with special moves I think you will enjoy it when you do find a player that will enjoy yourself with.

IMO it wasent worth it. then again ive only played one online match

Sounds like the same stuff is going on from the XBAND days, not good