RAM Latency : A delay in transmitting data between a computer's RAM and its processor.
4-4-4-8 -> CAS-RCD-RP-RAS.
RAM timing are measured in CAS, RCD, RP, and RAS.
Quote:
CAS refers to the amount of clock cycles to reach the correct column of memory,
RCD refers to the amount of cycles between RAS to CAS,
RP refers to the amount of cycles needed to close a row and open the next row for reading, and
RAS refers to the smallest number of clock cycles a row must be actively accessed.
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To simplify that explanation, remember that RAM timings are measured in FSB clock cycles, so the lower the number, the faster your system is.
Now , here the twist ... ddr modules can push real low latencies , while ddr2 can't push to those unless ofcourse u can afford really good modules

... for normal ddr400 modules , 2.5,3,3,8 should suffice ... while for ddr2-667 modules , it should easily do 4,4,4,12 ... the later definitely offers better bandwidth at the cost of mem. latency .
Overall , u should be looking for ddr2-667 with 4,4,4,12 or ddr2-800 with 5,5,5,15 ... but ur CPU and graphics card , and the amount of RAM will actually make a more better impact on performance , than just the latency ...