I game regularly on 350 using my own router with the Hub in modem mode and have no discernible problems with latency or ping, depending on what game i'm playing my pings are usually anywhere between 20 - 50.
The Hub 3 is rubbish on it's own and i'd always recomment using your own router for gaming.
Each to their own, VM have a habit of over-provisioning areas which can cause issues with disconnects and slower than advertised speeds but if you're in a newly cabled area this shouldn't be a problem.
If you're not happy with VM's service you've always got the option to cancel with 2 weeks of your go live date.
To be fair you should expect good wifi? I was really looking forward to getting virgin when it came to my town only recently. Have to say I am a little disappointed now
You're absolutely right of course. You should expect good WiFi. But it's not that easy, as users are being caught in the middle of two converging trends.
On one side, games are getting more and more complicated and being played on faster and faster devices. This means they have to shift far more data through the internet than before. And broadband providers are boosting their connection speeds accordingly, with Virgin now going up to 500Mb/s.
On the other side, the WiFi link suffers from a limited number of channels and more interference as every neighbour turns on more WiFi routers. This means that the basic routers supplied by ISPs do not provide the coverage and bandwidth they used to.
The answer is to provide better routers with external antennas instead of the simple internal ones, and/or additional access points around the house. And this costs money. Service providers could issue better routers, but this would put up the rental costs to everyone.
So they provide the basic router which is satisfactory for many users, and leave it to the customer with more demanding requirements to purchase the extra equipment. Or better still, and cheaper, to use wired connections for demanding games devices. That way you get the full benefit of the faster internet.