Nope. No lag, with max graphics.
There is a known ability delay among mostly ranged abilities. Basically, with some abilities, your damage will not hit until an animation is over. Like, for example, the Consular's Project. The rock is lifted, thrown, and THEN the damage pops up. This becomes excessively aggravating in PVP when someone is close to death, you use a ranged ability with an animation tied too it, and then in the midst of the animation, a heal goes off on your target preventing you from getting a kill.
It's currently being addressed by BioWare and has been recognized by them as an issue.
Also, a larger example of this is the Trooper's Mortar ability. In contrast to the Bounty Hunter's Death From Above, it's absolutely worthless in PVP. It takes 1.5 seconds for the first volley of Mortar's to go off because of the animation.