Get webrtc-like latency with ffmpeg?
Solution 1:
The problem is mostly from the fact that you are using software transcoding, instead of hardware transcoding.
As a rule of thumb, if the conversion uses the hardware acceleration, the latency will be of less-than-a-second order (usually milliseconds). If it is done in software, then the latency will be of more-than-a-second order.
FFmpeg supports hardware acceleration, but it is usually tricky to make it work for you.
https://trac.ffmpeg.org/wiki/HWAccelIntro
On the other hand, Google Chrome supports VP8 and H264 (where it is available) hardware encoding/decoding, both on your computer and your Android phone:
http://code.google.com/p/chromium/issues/detail?id=428223