Yeah, even without a lobby system, I think they did Multiplayer really good. Every time I log in, I get an update of what my friends have done in recent rounds ("Chairman7w just shot a -4 on King Kyne Tropical Course").
With any of those notices, I have the option to click on that and play against their ghost.
I's very slick, and very fun. I can't tell you how frustrating it is to land 10' away (and expect to make your birdie putt), only to watch your friend roll in a birdie from 30'. NOW you're really under pressure to make that 10-footer!
My boy Yogi and I are constantly chasing each other's scores. He usually wins, but it just makes the time I beat his scores that much sweeter. :-)