It's less than a second if setup properly...this is in the device the camera is streaming to..PSP is adding a hop in between...
What is the best way to eliminate lag with IP cameras? ...
That does suggest that you have a cabling problem that is causing the auto-negotiation to periodically re-try.change the NIC Type on the camera from Auto to 100M Full-dup (or whatever is the highest full duplex you can select).