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2017-01-19 08:49:57 -0500 commented question IP Camera Capture delay/lag

I am also like the poster not happy with the delay but in my case it is about 1 second and VLC is about the same. If I set the VLC cache to anything less than 600ms, it drops all frames on the floor as late. There is a way to tell VLC not to drop late frames which may help but I forgot where to find that option.

2017-01-19 08:45:38 -0500 commented answer IP Camera Capture delay/lag

@atv old comment but the answer to your question is that it looks like your opencv was built with cmake option WITH_XINE=ON and WITH_FFMPEG=OFF. For RTSP, you need the WITH_FFMPEG=ON.