With Ubuntu 14.10 and Gstreamer I reach 100 to 116 ms latency with 1280 x 720 @ 60Hz.
Tanks to @Antonvh who puts me on the right way.
I reproduce here the solution for latter reference.
To stream from the Pi :
raspivid -t 0 -b 2000000 -fps 60 -w 1280 -h 720 -o - \
| gst-launch-1.0 -e -vvv fdsrc ! h264parse ! rtph264pay pt=96 config-interval=5 \
! udpsink host=10.42.0.1 port=5001
To receive it on your computer with gst-0.10 and send it to a virtual v4l2 device (indeed you need v4l2loopback):
gst-launch -v udpsrc port=5001 ! application/x-rtp, payload=96 ! rtph264depay \
! ffdec_h264 ! ffmpegcolorspace ! v4l2sink device=/dev/video1
Then you can open the device /dev/video1
in any software supporting v4l2 capture.
For a gst-1.0 solution (v4l2loopback doesn't work with gst-1.0), I let you see the Antonvh blog post.