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In pokèmon TCG news, one of the most annoying cards has finally been banned. It lasted a little less than a year, but caused quite a ruckus in that time. A happier card game format is sure to ensue ^_^)
If you want to get into the nitty-gritty specifics there will always be input lag because it's converting the GC controller signal and emulation lag, but there's so little of it that it's essentially like playing on a CRT.
From what I understand, it actually has less lag as it's able to read/process inputs faster than a GC. I don't know a whole lot about this stuff though and I'd assume computer specs and Dolphin settings come into play at some point. As long as it doesn't make me mess up it's good enough for me

That's assuming you can find the adapter, of course. =P
I just got the Mayflash 4 port since it's essentially the same, but Nintendo's adapter is elusive ;_;
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... Wait... Does the Mayflash one work on the U, then? Or are there some proprietary settings in it allowing it to not work? Depending on the price, I might have to look into this... =O