To all the above issues though, they are pretty major downfalls IMO.
20second-1minute delay in finding another host, what a MP DEAL BREAKER
Host has ultimate advantage MP DEAL BREAKER
Higher than 60ping MP DEAL BREAKER
What happens if host has a crap connection? You would have to leave, find another server, wait another 5 minutes to get a game in teh hope that the next HOSt has a decent connection IN YOUR COUNTY!?
What a second rate MP experience it would be.
The delay isn't that bad, I've only ever had it twice since playing for the past week. If I'm host, I'll notify people I'm leaving if I have to go so that they know it's coming.
Most of the time I play, I tend to get a first to third place ranking at the end of the map, when I host, it's not guaranteed that I'll come first. My net is decent enough that games are lag free even when hosting 6vs6 Team Deathmatch games.
Latency is a non issue as everyone gets a similar latency but as said, games are lag free most of the time.
Normally host won't have a crappy connection cause the game looks for the person with the best net connection before setting up host.