Had a lot of problems, but it is in the beta and I played a week ago. 1 was ping. Anyone from any region could play and some would get insanely high ping. I heard they fixed this and you can now select the region. Some of the games will still be buggy, people are creating this and they're improving it while making most of the game playable.
I'm really looking forward to its full release. I recommend everyone who doesn't play dota to keep an eye on its progression. This isn't dota, this is custom games on the dota 2 engine. Lots of fun games from the WC3 days and only more to be created. There surely will be a game for everyone because of the huge variety of games it will have.