"transfer time is irrelevant"
[Proceeds to explain the cases where it's relevant]
Different LCDs are capable of different things. If you send it an extremely small frame (such as 800x600 16kcolors) then it doesn't need to wait for the entire panel worth of data to be transmitted before it has data with which it can write to the bottom row. Then the added latency is up to to the specific monitor. If it has a lightning fast rescaler and can blot every scanline together fast enough, you've saved time. I have a monitor for which this is the case. Running at 120fps 60hz 800x600x15bpp(16bpp) is noticeably more responsive than 120fpz 60hz 1680x1050x24bpp.
tl;dr: It depends on your monitor. Transfer time is still a hard limitation in addition (actually max() in the case setsul described) to whatever the panel itself is capable of.
Don't use triple buffering in DX games. DX doesn't support classical (low-latency) triple buffering. (post-DX9 might, but I wouldn't know.) http://www.emutalk.net/threads/14075-DirectX-multiple-back-buffer-question >DX can support more than 2 buffers, but the order of buffer swapping is fixed (always flipping in a circular matter), not flexible. I am wondering if someone knows a secret way to do so.