Persona's PR team does have some suggested short-term solutions, suggesting that players select "custom match," "same area," and "good connection" when going online in order to optimize their gameplay. Again, though, this is only the 360 version, so PlayStation 3 fighting game/Persona nerds, fear not, for you shall be mostly unaffected.
Atlus supposedly is looking into a solution for this, so don't worry, everyone, a patch may make it home in time for Christmas.
In the mean time, you can check out this recent trailer showcasing Elizabeth's sweet moves and how to do them.
Persona 4 Arena releases on August 7th on the Xbox 360 and the PlayStation 3.