After miraculously escaping from a Ken who was trying to cheap me out (http://www.dailymotion.com/video/x6bkcha), I decided to try to see if there was any way I could beat his super clean with an HK Thrust Kick. The timing is weird, but it can be done. Since he didn't properly cancel his crouching LK, it gave me an opportunity to reversal. As luck would have it, he canceled it in such a way that I was able to get through his invincible frames and hit him with my active frames. So no, I wasn't saved by lag in a similar situation.
Street Fighter® V
https://store.playstation.com/#!/en-us/tid=CUSA01200_00