When you are playing with a friend and they are hosting it, it can be their connection that is causing the lag, the same goes if you host and they experience lag, the wireless and wired connection will be the same internet speed, but with wireless the data is transfered at 54MBPS over from the router to your xbox, but wired transfers at 100MBPS, the internet speed is always the same with both.
There are other factors which can cause lagging, one of which depends on the amount of people surfing using your ISP at the same time and sharing your line bandwith.
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