No dedicated servers is not about latency sparky.
It means that:
1) My clan cannot have dedicated well-known servers where our 150 members can always go to join a game. Ditto our several hundred regulars. We have had such servers for 8 years for a range of CoD titles...and it is our COMMUNITY.
2) My clan cannot ban obvious cheaters. PB misses them and so will MW2's lame anti-cheating system.
3) My clan cannot ban idiots. We have no profanity and no harrassment policies. Folks obey it or we ask them to leave. Most refuse...and we show them the door.
4) It means no custom maps or mods developed by the community...which is how we keep playing some of these games for years.
5) Their current hosting plan means that if the player who happens to be the host quits, everyone's game stops immediately...for 5 or more seconds while IW decides to whom to assign the server role next.
Console gaming sucks...for a range of reasons. Most folks on consoles don't know how much more powerful PC gaming is. That said, consoles are 80% of game title sales at the moment...and I assume that if Activision thought they could get away with it, they would abandon PC titles all together. Support costs would certainly drop...since console hardware and drivers are well-known. They can't without raising a hue and cry that would tarnish them, so they are releasing a PC title that is little more than a console title with mouse support...and then having the audacity to charge more for it.
Vote with your wallet. If that means more titles go console only, so be it. We will not be ignored by everyone. Let Carmack see what the result of this BS is....and wait for Bad Company 2.