The Impact of Memory Latency Explored
EconolineCrush writes "Memory module manufacturers have been pushing high-end DIMMs for a while now, complete with fancy heat spreaders and claims of better performance through lower memory latencies. Lowering memory latencies is a good thing, of course, but low-latency modules typically cost twice as much as standard DIMMs. The Tech Report has explored the performance benefits of low-latency memory modules, and the results are enlightening. They could even save you some money."
http://anandtech.com/memory/showdoc.aspx?i=2392
You'll basically find that the performance of value memory is very on par with the high end stuff. You basically pay for the ability to overclock on a more consistent basis.
The real question is: can I buy 533MHz ram and run it slower with lower latencies?
Yes. I regularly by high speed RAM and downclock it, but run it at lower latency. For instance if I wanted to run my RAM at 400MHz, I'd buy 433/466/500MHz VAL-U-RAM and run it as a stick of semi-premium 400MHz.