Latency is used as a marketing ploy to get gamers, i.e. teens/twenty-somethings to buy lots of overpriced crap.
I don't quite see the point in having gaming keyboards with such tiny latencies even audio applications don't give a damn. When your keyboard has less latency than tolerable for realtime audio (about 10 ms), you really ought to wonder.
That said, as far as latency in games goes, I think USB could be better off there. I've calculated the maximum key press/release rate of PS/2 but am too lazy to search for it; I think it was about 250 Hz. USB has the advantage of transmittting all keys in one single packet, i.e. each poll cycle, whereas PS/2 needs to transmit them sequentially. So if you want to do that duckjump while throwing a smoke grenade, ordering a pizza and reload, USB could well be faster than PS/2 because all keystrokes are transmitted at once.
I highly doubt the average game logic could make anything out of it, though.
-huha