The latest step is the release of a program called LagMeter, that scans your PC's connection to determine where lag is coming from & what the causes might be. From the description:
Finally, the causes of your Lag will not be a mystery because LagMeter will tell you if it is your gaming PC, the network, or the gaming server that is giving you grief. Once the causes of Lag are better understood, then gamers, game developers, and hardware manufacturers can work together to provide solutions to our #1 problem – LAG!!!!!!!
Sounds like a plan to me. Haven't tried out the program myself yet, but it's definitely worth a look. You can check it out over at EndLagNow's website right here.