Because Dolphin 5.0 is lacking so many Netplay features at this point, it cannot be recommended for use. Your Netplay Experience will greatly vary depending on what version you tend to use. Dolphin will not allow users to use mismatched versions for Netplay, to prevent desyncs. It can be isolated from your main Dolphin profile by using 'portable.txt' or creating a special shortcut. Many users opt to use the latest beta versions from the official website. Newer Dolphin versions are more likely to have fixes for Netplay. All players must use the same Dolphin version.While most compressed game formats are compatible with standard ISOs (with NKit being a notable exception), it is heavily recommended that all players use identical dumps.
Because the latency (ping) of the internet connection determines how low input latency can get, using Ethernet instead of Wi-Fi usually improves the gameplay experience. However, the internet demands rapidly increase as more players are added.