Here's what I found. http://support.apple.com/kb/ht1192
At least we know this is intentional.
I guess a way to go about getting this "concern" fixed for those of us who type fast would be to poise this as a new feature to appeal to the fast typing market. I agree with www.maxloh.com that Apple won't even entertain this as a bug since they've posted in the article above that this is intentional.
But I believe Apple moves with the masses. If possible, ALL USERS will be satisfied with the option to activate or deactivate this delay instead of forcing this feature on users who don't need it.
If anyone agrees then please file a comment as "design/ease of use" feedback and not a bug report.
Who knows...I may be too optimistic and naive, and it doesn't matter how comments are categorized :-/
I'm still going to do it 🙂