How do some applications practically get to latencies smaller than 16.6mSec? That can only be possible if the character typed is being rendered directly into the GPU buffer which currently is being drawn right? Or does the screen used for testing this run at a higher refresh rate than 60Hz? Or does 'latency' not mean time between hardware keypress and character appearing on screen?
16.6ms is the maximum lag between the monitor receiving the framebuffer and drawing it - the average would therefore be half of that, and the minimum would be essentially zero.
But, that's ignoring all the other little delays in the system. For instance, monitors have a delay of a few milliseconds.