The crazy thing is how easily it worked. Once you have the right settings, assuming you have a fast enough computer, it just won't desync.
If you screw up one setting though, it won't last but a match or two at most. So, I'll try to make a tutorial vid on how to setup Dolphin for this later on. I realize that while the text guide mentions all the important settings, there are a lot of things in obtuse places for those of you new to Dolphin. If anyone is having trouble with this, feel free to PM Makkun or I, or shoot us an email! We're always looking for more people to test, and things are looking up after a very successful session.
And if you're experiencing lag in Dolphin, it may be more or less lag than the GC depending on monitor, but if you feel like it's a lot of lag, try using a different controller. Some controllers have some lag due to converting signals. Otherwise, because computer monitors are low response time, it shouldn't have an issue. It could be something with dolphin, but I generally feel that it's about the same; or if I'm using a crap converter, all my games have a slight lag.