Well, according to the official Playstation Move FAQ that’s on the Playstation Blog, there is. Well, about 22ms if you want to be specific.
“The PlayStation Move has similar sensing latency as the DUALSHOCK 3 controller â€” for many PlayStation Move games, this is about 22ms, though it can vary somewhat between games. Modern HDTVs unfortunately have much more latency, usually on the order of 60-160ms. If your TV has â€œgame mode,â€ make sure to enable it.”
The Move’s coming out on September 15th, if you’re so inclined. Get your other questions answered on the FAQ itself, like whether you can have a bunch of lamps shining on the remote and camera and still get an optimal gaming experience (you can’t), or whether you can use the Move when playing games on a video projector (yes).