Calibrated it for the 360 so far.
Played some COD:Classic and BF:BC2. There is almost no lag that I can notice. If I very quickly tap the trigger as fast as I can, by the time my finger is off the trigger the gun is in the proccess of firing. So its not instant, but its plenty good enough, even for fast passed shooters.
Pics of unboxing, setup, and calibrated shots,
http://s864.photobucket.com/albums/a...ng%20LN46C630/
my cam sucks.