It has it's pros and cons.....Never had any lag, but I have boss speed......Pros being you can stream whatever has already aired instantly or watch live just like cable, con being that just like cable, you get to pay for a lot of shit you'll never watch.
Oh another con is episodes don't stay forever.......Like you can't go back and stream say old shows.....Like even though I can watch Adult Swim, I can only stream what's currently airing......Can't stream Frisky Dingo.