I wasn't able to get an online game to start. Everyone in the lobby was complaining about it too, so looks like a bug.
I did get a bot match going offline though. Game runs beautifully on high settings on my PC (a not-too-impressive rig that was only about $700 in 2011). Even at this current early state, the game looks fantastic.
I'm excited for the modding community that will spring up for this game. Given UE4's ease of use it should be easier than ever for people to create their own content (maps, characters) for the game. Really exciting time for be a PC gamer!
That's definitely a bug. Same experience here.
To join a match you should bring up the server list. I joined each game immediately. In fact I was shocked how fast it loaded!