MRBRETTONWOODS, I've tested IQFeed's latency - it is hudge (>1 min) comparable to DJ, here is the screenshot.
Interesting. That explains how they are able to offer it on the cheap. I'd imagine that alphflash via cqg or tt ($250 a month) has similar levels of poor latency. The other option is to use twitter or a web-scraper.
A bit late to this party, but Wall Street Horizon (www.wallstreethorizon.com) has a number of low-latency (< 1000 milliseconds) event feeds for a few grand/month.
Dow Jones elementized news feed. Both very pricy, starting around 6k per month if I remember correctly. Newsware has not been mentioned here yet. Their frontend is very fast and they also sell an api feed. Definitely a fraction of the cost of reuters and Bloomberg.