Don't worry my PS3 playing friend - we are all in the same boat.
As others have said - sometimes when the game is OK (shame that I have to put 'sometimes'), it is the best and by far the smoothest CoD experience yet IMO. But 8/10 games I get screwed over by the lag.
Out of curiosity I fired up MW1 yesterday and had a game online. I know there are less playing but the lag was minimal and often non-existent. I remember it being like that at the time too. I never played MW1 extensively but I was getting plently of kills and contributing to my own success. I was also getting killed by the other team but it never felt unfair. The game is extremely 'rough' and the graphics awful so it made me notice just how much better the overall game has improved. I then played WaW - again, I was playing well and noticed how bad the graphics were and how there is a lack of fluidity but it was very fun even though I had to wait 5 minutes to get a 3v3 TDM lobby. It was a relief almost to have none of the stupid lag and unfair kills against me.
I've never seen such huge community complaining against lag in a CoD game so they have to do something.