How does MK 0nline work?

I am trying to decide if its worth spending $70 plus tax on this game now, or waiting for a price drop to buy it. My main deciding factor is how well the online works.

Do you get ranked as you play and then get matched up against people of similar rankings? Or just it just randomize the search?

Also how easy it is to join a game? Is there a long break between fights? I hate constantly waiting for a new match to begin.

Sounds expensive... I got it for 40€.

Yeah the price is too high, if it were $10 cheaper I would go buy it today, but I can't justify it.. $60 is enough to pay for a game

picked mine up for 30

30 what? Im talking canadian dollars.

anyways, this post isnt about price, I want to know what online is like.

Bump. Anybody? I tried googling this but found nothing but the game types and the fact that theres some lag.

as it stands at the moment its region locked for online.

EU cant play USA. had two games last night and found it OK, didnt notice lag. if u like MK then its worth it imo.