Raspberry Pi no delay (<10ms) video stream

I have a RasPi model B and use mjpg-streamer. The delay is almost unnoticeable running at 12fps 640 x 480. It takes around 10 mins to install and configure. In addition to mjpg-streamer I have also tried Motion and FFMpeg, but both were very laggy.

There is a good webcam tutorial for the Raspberry that you may find helpful.