Registered memory, sometimes referred to as buffered memory, is generally used in situations when adding 512Mb or more of RAM on the motherboard. Also, the more chips on the memory modules, the more important it is to use registered memory. This is because the high-profile modules use 32-36 chips each. Adding the 'registered' feature gives these high profile modules added stability in your computer system by placing registers between the module's interface and the actual SDRAM chips on the PCB. This helps to decrease the 'loading' and allows for more physical SDRAM devices to be placed on a single module.
CAS Latency (Column Access Strobe latency) is defined as the speed at which you access a single column of RAM.