For what it's worth, I'm on the Euro ROM v1.5 and I tested the camera with the stock app, Camera Zoom FX, and Camera ICS. I used a stopwatch to time how long it took to take a pic from the sec I tap the screen to the sec it finishes taking the picture. All apps took about 6.5 seconds to take a picture.
I think the camera lag is more to do with the hardware, if you watch closely every time it takes a picture the camera has to cycle through all the focus points and choose the correct one. I haven't found the lag to be too unbearable, it is just a cheap camera after all and isn't meant to replace a real camera.
Also if anyone is looking for a good free camera app, try Camera ICS: https://play.google.com/store/apps/d...ameraics&hl=en
It has ads but if you're rooted and have AdAway installed then you won't see any ads.