It takes 5 seconds to find a match, on championship or ranked mode. Not ideal, but hardly a deal breaker. I know on the 360 you get matches faster (when selecting manually, in my experience it is no faster if you pick Fight request mode etc.)
I don't know anyone who found it so bad they felt the need to sell their stick and copy an buy the game a second time on the 360.
rp2000
It took me far, far longer than 5 seconds to join a match using the server browser.
I didn't use arcade mode request because some idiot always joins with a poor connection. I only play yellow or higher games and the PS3 had a distinct lack of them, when I did find them I could rarely connect.