Mine didn't activate either but I used the method proposed by Treysan.
Go to: http://mgn.mcleodgaming.com/
and then click the 'Didn't get your activation email?' button and it will ask for either your account name or your email that was registered with it.
I did it and got the email in an instant and was (finally) able to activate my account.
Sadly I keep getting connection timeout whenever I try to log in.

So i was trying to get in and I finally got in, but there were no rooms XD.

Yea, I noted that too...I'm still a bit ticked that that way of activating accounts seems to be the easiest, and now only way

Probably cause everyone else is stuck with the connection timeout =P
Didn't TSON say not to spam the login button as it'll put stress onto the servers they're trying to fix? (I should stop doing that I guess, but now that I got my account activated, the temptation is too great!)

Also, I can't log in to the MGN site as it says 'Could not communicate with MGN Server', has this to do with the connection timeout?

EDIT: Oh I just logged in but I can't join any rooms .__. I see Dato and I can't join the room and now I'm stuck on the black 'Please Wait' screen. Oh wells.

Try turning on the filter to only "STOCK - ON" as that's the norm apparently.
First impressions: it's exceeded All my commands reach my character half a second afterwards ;_; I would be playing with good internet if I wasn't so Canadian...

Made a game with the tag 'Europe only'. First game was unplayably laggy, second game matched up with a pikachu who immediately SD'd 4 times for no reason. There wasn't even much lag. Really annoying as it took me like 2 hours to get logged on and playing a game.

*was able to log on.*
*no games, or joins to my game**

I'm 90% confident that MG will have a lot of the online issues fixed soon. They've renewed my faith in them over the past few days.

Well, Online Mode is cool, there's some lag in it but it's still playable and it may get fixed in the future so yayy.

I've played some nice matches, some of them almost lagless.

SSF2 Dev team has done a nice job. Congrats and thanks for giving us an awesome game.

come join my tourney name: Pizza Party

Just played online for a few moments before the game froze up and it was sweeeeet! (Because it was lagless heh).

I had a very very brief lagless match before the Please Waiting... Black screen popped up with the fight still going in the background.

I'm jelly with u guise getting lagless matches :<

Ugh, haven't been able to play a single online match so far...it's either the host of the room is idle and doesn't respond or I get stuck in the Waiting Room forever.

Oh well...guess I'll have to wait until some other NZ person plays the game.

I managed somehow to log in to the online game, but lag ruined everything and after 2 minutes game was stopped for no reason. Maybe when cleod and rest of his amazing crew fixes those problems with connection timeout, lag etc. game will be amazing