I've only played on 360 since the patch, but it's still not playable to the standards of SC5, TTT2 and VF5FS.
Is the netcode significantly better? Yes, no question about that. However, you still can't counter on-reaction to things that you'd be able to react to in SC5 online. I'd be okay with that, but the frame data still seems to be changed when playing online.
I was fighting a Hitomi and Lisa yesterday and they literally just kept using unsafe attack after unsafe attack. I could not punish anything, nor could I interrupt with an attack of my own. Not only that, I couldn't even sidestep to get out of the "frame trap", even though nothing the opponents were using tracked.
I had a similar experience against Mamba's Helena, although not quite as bad since he doesn't use unsafe attacks nearly as much. But he was using attacks that leave Helena at significant disadvantage, while interrupt my next attack (not crushing it, straight interrupting it).
With the netcode as it is, I may attend DID8, but that would be my last DOA5 tournament unless it's at Evo. I don't have a local scene and the online is not good enough for me to practice at the level I need to practice at. SC5, TTT2 and VF5FS allow me to get the practice I need (online) to reach a high level of skill.