So what if the radio is faster than our reaction times? Latency still matters. Imagine that our reaction times were slower, like 1 full second. Does that mean we would be fine with a radio with a .75 second latency? I don't think so. Whatever latency a radio has is added to the reaction time. The slower it is, the slower we are.
A lot of it has to do with what kind of racing you do. I have run offroad with a slow ass Spektrum equipped M8 and noticed no difference. 1/12th mod on the other hand, I noticed a difference between the FM M8 and an FM M11. It wasn't much but the M11 definitely felt more controlled and precise. With Spektrum, I clip a board every other lap. No good for me.
Of course, maybe I'm just ultra sensitive to such things. I notice the difference between a wired and a wireless Xbox 360 controller. One game is almost unplayable for me with a wireless controller.