Yep, that seems to be the usual for nearly every emulator scene.
> But it's probably possible to isolate similar test cases for each source of latency. In a lot of cases (kernel audio mixing, keyboard responses), we're probably talking much smaller latencies than CRT vs LCD monitors, so you'd need a huge amount of precision.
I was thinking of a test program that inverts/cycles the screen colour on registering a keypress. Put a photodiode in front of the monitor and use an electrical switch across the controller button contacts. Cheap parts and an oscilloscope will give microsecond resolution for the end-to-end net case. Unfortunately not everyone has this kind of setup lying around.
I seem to remember someone marketing a commercial device that did something like this for timing CRTs vs LCDs but can't remember the name of it.