How do you define "correct"? The "correct" behavior is dependent on what you're trying to achieve. What you're trying to achieve should be defined with reference to the user: what will make the user happiest?

In a multi-touch interface, where you're trying to maintain the direct manipulation illusion, preserving "feel" at the expense of showing the rendered content a split-second earlier is almost certainly the right trade-off. The user will chalk the checkerboard up to page loading and their internet connection. They'll chalk hiccups in manipulation up to the device itself.