Actually I believe latency is measured in clock cycles, not nanoseconds.
Anyway, some people prefer low latency memory because it allows them to overclock higher. For example, you could probably expect a PC3200 CAS 2 module to overclock higher than a PC3200 CAS 2.5 module from the same manufacturer (of course overclocking is never a sure thing, so this won't always be true). But, if you're just running at stock speeds, then I see no real reason to go with low latency modules unless of course the price difference is small or you just have money to burn. I've always heard that the performance difference on average between CAS 2 and CAS 3 is somewhere around 3-5% depending on the application, so you can expect the difference between CAS 2 and CAS 2.5 to be even smaller. Sure, you may see a small difference in benchmark numbers, but anyone who says they can "feel" the difference is BS'ing. Also, remember that sometimes there will be no performance difference at all.
I say, if you need the overclocking headroom, then go for the CAS 2, but if you don't, then just save your money.