It's the smallest number of clocks the CAS, tRC, tRP and tRAS are rated to run at. Smaller numbers for the timings mean it is faster.
It's relative to the memory speed. When comparing memory of the same speed (i.e. DDR2 800), the lower the latency the better. However with lower latencies come higher priced memory (generally).So, what would be the best timing for memory? what do you mean smaller the better, is it 5-5-5-15?