Knew it!
Actually, it is an emulated serial console. But you may want to try cranking down from 115200 to 38400 - may actually work better. Also, did you really put in 'hvc00' not 'hvc0'? And if so, why?
What else... my getty for hvc0 doesn't have terminal type specified... you may try deleting vt102, and/or using vt100 instead.
PS. No guarantees for any of these making things better... lish always was kinda laggy to me. It's meant to be an emergency access panel, so it's tolerable, IMO.
Good luck!