I've been playing quite a few games with 5 bars or better just doing player matches and looking for custom sessions. It's turned out all right for me. I definitely notice a delay, but with a 5 bar ping, it's hard to notice.
Haven't won any games, yet. But I took the advice of everyone and started with Bruce instead of Asuka as a beginner character. He's fun, but I'm not sure why people would choose him over Asuka as a beginner's character. Since he has a crouch dash, which alone is a major execution requirement over Asuka. Sticking with him. so hopefully I'll improve at some point. Not sure what I'm going to do, though, when it comes to crouch dashes. Can't do them at all - stick, pad it doesn't matter.