A delay? Don't think so, I can "turn" or "move" just a touch and watch it go from great to crap all day long, it is totally dependent on 'camera' position.
In fact I once even watched to pop back and forth when I wasn't moving at all.
I'll have to do some more testing, but it *seems* that it happens with DirectX but does not happen with OpenGL. Unfortuately for me, DirectX = 25 fps (locked in the options file) whereas if I switch to OpenGL it drops to 4 - 13 fps.
It also appears that I can see this "effect" and NOT have those errors appear in jetlog.txt, so it would seem they are unrelated.
nVidia GTX550Ti if I didn't mention that already. Latest drivers (whatever number that is, can't recall and I'm on another computer at the moment).