I was able to get latency down to 50ms, streaming to a browser using MPEG1[1]. The latency is mostly the result of 1 frame (16ms) delay for a screen capture on the sender + 2-3 frames of latency to get through the OS stack to the screen at the receiving end. En- and decoding was about ~5ms. Plus of course the network latency, but I only tested this on a local wifi, so it didn't add much.
[1] https://phoboslab.org/log/2015/07/play-gta-v-in-your-browser...