Hub vs Switch

I don't know if somebody already asked this, but I haven't been on the BBS for a while, so I'll go ahead and ask:

Picked up an 8-port ethernet switch from Best Buy a couple days ago. From what I understand, the switch can send and recieve data at the same time and it also manages each connection -making sure each one is transmitting at its full capacity. But if the switch is just doing the job of a repeater, how will this dictate in a gaming-LAN type environment? Got a LAN party coming up next weekend and I'm interested in how this will go -there's going to be all sorts of 10/100 NICs, CAT5e cables and lower, and if we connect an 8-port hub to the switch and if there's lag does everyone experience it -or just the people on the hub? I guess in the game -if we're waiting for people's packets we'll all feel the slow-down, huh?

Just wondering.