I believe this is actually LAG, the other player shoots you, but you have time to dive around the corner (In your reality), subsequently the server informs your client that actually you never made it round the corner, and you had been shot. The effect appears to be banana bullets that follow you round the corner.
I've had the same in a crysis match on a dedicated server, so a dedicated server won't prevent this, but the greater the lag, the more you see it.
Yes. It's annoying. It's extremely difficult to say, get shot at, run round a corner to flank them cause by the time you move you are dead. It's something I used to do in CoD4 a lot, if I knew I wasn't going to win a fight, I'd find another way to win.