Depends on whether it is Grouping/Graphing or PeerChannel. Grouping/Graphing use the replicated database model, which lends itself better to persistent data. This works for some games, but not for others. i.e. it is great for state data for turn-based strategy games, but poor for bullet position data for a FPS.
PeerChannel is built on a more socket-like model without the persistence. This model is better for things like the bullets.
Regarding latency overall, the latency is definately higher than in a server based model (1 hop vs lg(n) hops), but it is not prohibitive in most cases. Most scenarios involving a limited number of players (say, 32) do not involve very many hops (4 or fewer), so it is not going to be bad. Of course, it is going to be a lot better if those 32 are all on one LAN, and it is going to be worse if the players are scattered all over the globe.