Sure.
I´ve played against random people. When you finally find someone to play with (not that much time to wait), you both are thrown to a level that consist in some pipes and stuff. You can push start and choose betweeen different modes. Once you set up the game, the other one gets a message that a game has been set, he can join or not (everytime I created a game, the other guy would agree, and so I did, so I don´t know what happens when you choose not to join). When you set up a game, you choose the mode, rules and level. There´re different modes to play. I´ve tried some of them, not all.
There´s a mode where you have to get the biggest points in a certain time. Then you can play another mode where the biggest combo wins. Another mode where you have to get near to a certain score. there´s free mode, and I can´t recall if there´s another mode.
You cannot hit the other guy, biut you can see him and can find him through the map on the low screen. No slowdowns or graphical glitches either. However, it feels a bit of a lonely experience, even when you are competing against someone. However, my second game was better than the first, since the guy I played with would go and do different things in different places. He wasn´t a pro by any means, just like me. So I felt much more confortable
BTW, I´ve seen Jonny and the main event, tried to play with them both, but couldn´t :-/