40G has been out for a few years but it's fairly expensive since it uses four lanes. 25G will be the best option if you need something faster than 10G IMO.
I think this is largely being driven by the server folk, who want to connect at 25G instead of 10.
There may be latency improvements inherent from design improvements within newer packet processing / switching ASICs themselves, just like Intel's tick/tock. For example, NASDAQ offers a 10G handoff to their 40G infrastructure which is 5-9us faster because of topology and equipment upgrades [1].
The nice thing about 40G is that it is compatible with 10G so you can selectively upgrade your switches to 40G but keep your 10G NICs, using these neato QSFP+->SFP+ breakout cables [2].
[1] http://www.nasdaqtrader.com/content/Productsservices/trading...