I'm not sure how to quantify that.
If I zip across the screen with the light gun, it can take the crosshair almost half a second to get to where I'm pointing at. It's very noticeable in Police Trainer (particularly the timing stage) where I'll pull the trigger, but the shot is off because everything is lagging behind.
Outside of MAME, in Windows, there's still some lag, but it doesn't seem to be as bad.