To answer the original question a bit more fully mostly for my own entertainment... Spektrum Satellite (SpekSat) or Orange SBUS for the least latency? I don't have either and I don't have the equipment to examine them closely in any case, so from what I can find from other people's investigations into SpekSat and SBUS...if you have a Spektrum radio, then SpekSat is the better bet but there's not going to be much in it.
It seems that SpekSat is essentially the binary DSM/DSM2/DSMX transmission from the transmitter, the data sent by the TX. So if this is sent directly to the FC you will get it as it happens subject to the latency of the TX communication which is the "frame rate" plus some negligible processing time.
Spektrum DSM* apparently uses two 16 bytes packets sent 11ms apart (or 22ms apart in older systems). Each packet contains space for 7 channels at full resolution (2048). Given this, the latency for a particular channel will be 22ms since the channel value is sent every other packet. If 22ms frame rate is used this means it could be as much as 44ms. The protocol allows for optimizations but it is unclear if or when this is done. There is some indication that DSM2 repeats channels in the second packet.
Note: I think the DX18 must pack the upper 8 channels somehow since there is only room for 14 channels and it only claims 2048 bit resolution on the first 10 channels.
Note 2: It seems newer Spektrum transmitters transmit at 11ms frame rate regardless of whether the RX is configured to put out PWM pulses at 11ms or 22ms so if your TX claims 11ms that's probably the latency you will see on SpekSat subject to the channel value potentially being sent every other packet
The Orange DSMX receivers with SBUS have to convert the Spektrum signal to an SBUS signal. It depends a bit how they do this. Futaba SBUS sends one 25 byte packet containing 16 channels (and 2 "digital" channels) every 7ms (fast) or 14ms (normal). Frsky SBUS is 9ms (fast) and 18ms (normal). These packet rates don't match the Spektrum rates so the mismatch will cause delays and thus have more latency than SpekSat.
It's possible that Orange just sends the SBUS packets at the Spektrum rate of 22ms - or possibly 11ms if there is optimization - which would make it essentially the same latency as SpekSat. I'm not sure how much leeway there is in the SBUS spec on packet rate so if Orange do this, it maybe you will get poor results using the Orange implementation of SBUS with other SBUS devices. That is entirely speculation though.
SBUS and SpekSat both run at around 100,000 bits per second so these packets take a couple of ms to deliver (25*8=200 bits; 100000/200=500; 1/500 = 2ms). It's mostly the time between the packets that gives the latency. Processing delays should be minimal except if there is conversions to different signalling.
I suspect the difference between 7, 9, 11, 14, 18, and 22ms is undetectable.
So that answers that. But what of this SBUS low latency vs CPPM reputation I hear you cry.
CPPM is a totally different animal. It's a pulse train of 1 to 2ms pulses for each channel so a 8 channel CPPM signal takes 16ms + gaps + one >2ms pulse to mark the frame. You can fit an 8ch frame in 22ms but it takes nearly the whole 22ms to send the 8 channel pulses. Actually one of the most commonly used racing quad receivers, the FrSky D4R-II has a 27ms CPPM frame. This odd time is due to the underlying 9ms FrSky SBUS packet spacing and that 8chs CPPM doesn't fit in 18ms (they tried and it caused some consternation) so they had to make it 27ms.
What this means is there is a extra delay of up to an entire frame before the FC has all the data from the 8 channels and can make its calculation as to what values to send to the motor controllers next.
So now add to this the effect of the 3 frame averaging which is apparently used - I haven't looked at the "***Flight" source codes to confirm it is - more on this below. As Dan points out, this does still act immediately so it's not a 3 frame lag as has been claimed but it is still a lag. It's difficult to quantify since it varies but the lag will increase the faster a channel values vary. So let's say, for the sake of argument, it contributes an average of 1 frame of latency.
So now we are up to possibly 3 frames of 27ms or 81ms. Now since the FrSky SBUS works at 9ms latency, it seems possible that someone who was really tuned in to flying it could tell the difference between something working at 9ms vs working at 81ms particularly if they flew them back to back. Not me obviously but some kind of drone-elete might.
An interesting observation though is that if you use parallel PWM, 1 frame of this CPPM latency might just go away. If the parallel pulses are all send as soon as the SBUS packet reaches the receiver then the FC will have read them 2ms later giving a potential latency of 56ms or maybe even 29ms if averaging is not necessary in the parallel PWM case. But I have never heard anyone claiming parallel PWM is faster/less laggy than CPPM.
On the 3 frame averaging, I'm a bit perplexed as to why it should be necessary. In modern RC systems, as I understand it, CPPM is generated by the receiver from the underlying digital packet, and as used by a FC, has to travel maybe 10cm between the RX and the FC. There is no reason I can see that such a signal would degrade to the point of requiring averaging. Before the advent of 2.4Ghz and digital signalling when CPPM was maybe the TX to RX signalling method I could see a point since presumably distorted pulses might occur due to interference on RF link and averaging might smooth this out for an analog servo. If this averaging is being done in the FC software today, I wonder if it is really necessary or just something put in for reasons that are now obsolete and misunderstood. Some further poking around is called for.
In case you are interested here are some of the links I found on which I based the above:
DSM* Satellite...
http://www.desertrc.com/spektrum_protocol.htm
http://blog.kwarf.com/2013/08/a-look-at-the-spektrum-satellite-protocol/
https://pixhawk.org/_media/dev/dsm2_dsm_x_protocol.pdf
http://wiki.paparazziuav.org/wiki/DSM
https://bitbucket.org/PhracturedBlu...M.txt?at=default&fileviewer=file-view-default
SBUS...
http://forum.arduino.cc/index.php/topic,99708.0.html
https://developer.mbed.org/users/Digixx/notebook/futaba-s-bus-controlled-by-mbed/