All it takes is a neighbor with a router on the same channel as you or a little bit of rf noise(usb3 has a clock rate that tends to do this) and the whole thing comes tumbling down.

Back where I did gamedev we designed gameplay specifically for network usage(predictive based design) or had time-rewind, or both(ala half-life/cs). I just don't see how this works unless you're okay with a quality bar well below what a local client will provide.