Just played 3 rounds of Conquest online. No lag, no hiccups, generally perfect. Moving from round to round was flawless, I saw, literally, no teleporting players or weird antics.
I opened my BF3 career with 5 straight kills and saw it go down from there. However, I love that you can still get a ton of points. Flag neutralization is 200 points, flag caps are 250. Every single point of health you take from an enemy counts as a point if a teammate finishes them off. Hell, for those who can't aim worth a shit like me, you can even get suppression points just for firing near them while a teammate kills them.
I had 1 kill and 11 deaths in my last match but still finished 3rd overall. You have to go all the way to sixth place on our team to find somebody with a positive K/D ratio (only 2 total on our team) yet we still won. Lots of fun.
One thing I find to be a problem though is that I'm afraid some of the maps will be too big. Canals was fairly decent, Metro was a complete madhouse, but Kharg Island was like being by yourself most of the time.
I hate not being able to quit out of multiplayer until you start to load into your next map, though. You have to wait the 45 seconds and get to the spawn screen for the next match. You can quit at this point and have enough time to do it. If I'm not mistaken though, if you don't quit before the match starts, then you'll get credited with a disconnect.
EDIT: Scratch that last part, it does show as a loss on my Battle Report but doesn't seem to affect my overall W/L record. How stupid.