It's something in between dedicated servers and peer to peer. It's better than peer to peer, but not as good as dedicated servers could be.
I say "could be" in bold because it doesn't really matter which type a game uses. What really matters is net code and GG does a great job with their games in that regard. People still to this day assume KZ2 uses dedicated servers. That is a testament to how well GG's setup works.
The problem with CoD isn't that it's peer to peer, the games net code is just shit. But then you can have a game like BF3 which runs on servers and is also shit. I think a lot of people will be surprised this gen when they see how many games on dedicated servers still suck ass online.







