PVP in PSO2JP is dead content, it was popular for a really short time. (Even C-MODE had a longer life.) For us non-JP players there was a noticeable latency, and it puts you at a disadvantage the further away you are from the server. Players were out of sync on their screens which really affects your perception, anticipation and skills. For example, you could be killed off by a melee player who wasn't even close to you on "your" screen but on "his/her" screen you were in melee range. I think even JP players experienced the desync between themselves. Then there is balancing issues, skewed hit boxes, RNG deciding your weapons, a time to kill ratio even Call of Duty games are jealous of. And not to forget the limited options/match types the mode provides, you can't have a 1 vs. 1 match for example.
In the original PSO, PVP wasn't particular excellent either. (balancing issues and weird hit boxes.) So I wasn't expecting much from PVP on PSO2 when it got released. At least the original had more PVP match (type) options and a better time to kill ratio.
Neither PSO or PSO2 was developed with PVP in mind, it was an afterthought for both and it was and is noticeable. PVP in the original PSO, (Battle Mode.) was added with Version 2. Version 1 on the Dreamcast did not have PVP. It only came to existence a year after when the game got ported to PC and rereleased on the Dreamcast as Version 2. In PSO2's case, a gimmick added 5 years later since the game's release because the community kinda asked for it. I always assumed the part of the community that never played PVP on the original PSO or at least weren't familiar with the mode's perception, to be responsible for us getting it on PSO2. I can't imagine the majority of players that did played the original PSO caring too much about getting PVP on PSO2, at least I never did.
History lesson aside. The mode can be fun, but don't expect anything amazing or excellent. There are PVPs out there that do a better job and there are some even worse.
In the end, PSO and PVP haven't been a match made in heaven so far.