Keep in mind I have TIR2, the newer TIR 3 is very similar only slightly more resolution and the new VECTOR thingy changes the way head movement works to a more natural way of converting your movement.,
That said,
There is no lag
The FR hit is so small, you'll never notice it on anything that plays AH2 reasonably already.
With the current system (the new one will likely be a little easier to learn)......It takes a good week with 2 hours a day to become reasonably proficient at using it. It takes about a month to become unconciously comfortable with it. When you first start using it, it feels hard to control, and you WILL get all kinds of unwanted movement as you unconiously move your head. THis is easpecially true when you zoom in.
You MUST MUST MUST allow yourself to work through the hard times or you'll never get used to it. Once you get over the hump its a whole new world...and its hard to play without it!
With the new vector system, leaning your head will no longer turn your virtual head...and this may cut down on the learning curve considerably.