I don't really see why you can't use the pen tool, I have a Bamboo fun (not the newer one) and I use it for just about everything pen, anchors, brush, lasso, etc. Shoot as for sensitivity goes I'm unsure whether they increased it with the this newer Bamboo they have, but I'm almost positive that they haven't change the pressure levels. (Lol I can't find my Bamboo tech specs so don't hold me to it)
As for lag time, I have never experienced any sort of lag with my Bamboo. I use my Bamboo about everyday XD, mostly for editing H-M and minor drawing. (I kinda find it difficult to free hand draw on the Bamboo, partly because on paper I spin it around drawing in an angular way and I can't do that with a Bamboo lol but thats just me and my retarded drawing style) If your really serious/dedicated about drawing with the Bamboo I would really recommend you paying the extra $30 to get the Intous. (I'd get one, but I'm saving for a Cintiq XD)
Any who I hoped I helped! :)