For those of you who got hooked already by the magical kernel patch that went into 2.6.38 and seriously improved latency with high load, there is a special daemon now that takes it further: uLatencyD. And for the lazy Ubuntu people there is a ppa available, too:
sudo apt-add-repository ppa:poelzi/ulatencyd-stable
sudo apt-get update
sudo apt-get install ulatencyd
It works immediately and in my experience so far: veeery nice.