Well with memory latency the lower the better. 3-4-4-8 is not very good something like 2-3-2-6 or something are ussually good numbers but as the speed of memory goes up latencies in the real world seem to affect performance less and less.
The first number 3 refers to the CAS which is the most imporant of the timmings and affect performance the most.
The first 4 refers to RAS to CAS and does affect performance too but in the last couple of months most RAM manufactures have not been able to produce memory that ran at 2-2-2 but they can run at 2-3-2.
Anyways it seems Mushkin is staring to get some more in that does all two's for PC3200 atleast.
The Next latency is RAS precharge also affect performance and lower is also better.
The last latency TRas ( I forget what it stands for) seems to be better when in the about 9-12 11 seems to be best though on Athlon Systems atleast on Nforce 2 +3 boards. For Intel and Athlon Systems with Via chipsets lower is better but the general rule of thumb would be CAS, + RAS to CAS, + 2
Example CAS 2 + RAS to CAS 3 + 2 = 7
If you have any more questions feel free to ask or if anyone has any corrections or changes no problem.