I'm not the developer, but he (Jesse) spoke in my class over a year ago. So hopefully I'm conveying this correctly -- my impression is he felt it was pretty close for live jamming but depends on a lot of conditions (ping latency, ethernet vs wifi, how many people are in the session). But what I can say for sure is it makes conversations feel a lot more intimate.
That’s what Jamulus does, too.
jamulus is positioned as a 21st century take on the conference call jam session; it has a vaguely skeuomorphic mixer like you'd see in a DAW and so on. sonobus on the other hand is a lot more application-agnostic in its presentation
Both are highly sensitive to latency
Ninjam/jamtaba on the other hand is not
Ninjam is a neat idea, but it's not really a realtime audio streaming solution (audio is delayed by a whole bar, iirc)