In preferences panes there's one for show/hide dock. If you choose that option the dock is hidden except when you mouse over it. It doesn't appear instantly, but it's pretty quick. Can't make it go faster than that though.
I just timed it on a quad G5 PPC running Leopard and its more like 1/2 a second and its freaking annoying. I cant believe there is no mod or hack to make it pop up instantly.
I dont generally hide my dock for this very reason. If it was faster,then it would be tolerated better.
I have to agree with the OP. I would rather have the dock instantly appear than have a delay. I nice mod to adjust the dock hiding speed would be nice.
That's rediculous, if you leave the dock on you lose the screen space, if you hide it you lose time, it seems perfectly normal to ask for a way to have both.