Screens can have severe latency, up to 50ms and sometimes more, depending on the electronics.
On serious screen reviews you'll see delay compared to CRT, screens with 0 delay are *very* rare.
0 seems impossible as the fastest LCD pixels have been managed to shut off is 2ms apparently, according to Wiki (while 8ms+ is still happening). Of course, at 8ms in theory you can get to 120 refreshes p/s, but if the pixel doesn't manage a full off (I think many pixels are still somewhat more lit then off at that point, often half values being considered acceptable?), that's still a limitation. All the additional scaling and processing delays comes after that, and that is far too often 40ms or more in total.
Since I have the Vita I've become more aware of this than previous. But Foosball 2012 on the PS3 was also interesting, as because it has almost no controller assists on the move controller, the lag when using the Move controller seems to be extremely low, 66ms or maybe even 50ms (which would be one of the very, very few games at that response time if true).