Actually, I think even the Pelican has a slight amount of lag(we're talking maybe 2 frames at most here), but it's no worse than using any other converter on the PS2. It's actually more difficult to get used to the PC speed (compared to PS2) than it is to compensate for converter lag- you could even argue that the lag doesn't exist, and whose perception is solely due to timing differences. I need to play a bit more first to be sure, though.