I tryed HT Web Cam 3.0 and delay was about 0.3 seconds, not sure how it works tho maybe little different than MS Encoder, but as i told there was preview in Encoder and i think its already encoded image, i set to show both input (webcam) and output (think this is encoded stream that goes out to interenet) and there was no delay, only got delay when i played in media player even over lan (127.0.0.1).
Gona try webcam32 cuz dont really feel like paying for HT web cam.