It's definitely not the same netcode as UT3. Hit detection feels a lot more solid, particularly at higher pings. I think there's some kind of compensation already going on.

However it's predicting, though, needs a bit of work. There are a lot of unreg hits (projectile will visually hit and explode, dealing no damage), particularly with the rockets and the Stingray primary. It feels pretty good overall, but I hope it gets some improvement over the course of the beta.

ive played quite much on USA servers now (iam from GER) and ive had pings from 120-160ms.

the netcode feels MUCH better than on UT3 and ping doesnt really matter much here anymore.
you can hit/aim with ping 120-160ms like on LAN, there is no leading or "pre-"aiming needed.
if u hit the enemy on your screen, no matter what ping, it will be a hit also on the server.