MechWarrior Online has been a bit schizophrenic over the release of its open beta. It was meant to arrive a couple of weeks ago, then it was delayed, before promptly being delayed again. A lot of people wanting to shoot giant robots in the face with a cannon were left sorely disappointed.
However, the open beta is now (allegedly) launching tomorrow, unless one of the mechs gets skittish again and we have to wait another week.
In the meantime, you can head over to the official site and reserve your pilot name, preferably in pun form. And while you wait, you can rewatch this MWO gameplay video, and figure out exactly which weapon is optimal for face destruction. Name reservations and signup here, video below.
Source: PC Gamer
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Well I got into the closed beta/alpha by signing up at their website got the invite within a day and to answer your second question lag is an issue but not a game breaking one you only really feel it when you try to snipe