The amount of time between words in casual speech is on the order of 10-20 milliseconds (1 or 2 hundredths of a second). 10s of milliseconds can completely change the meaning of a word.
Visually is a bit harder to explain offhand, however any gamer will could tell you that there is a HUGE difference between playing at 10 frames per second (FPS - each frame is 1/10th of a second) and 20 FPS (each frame is 1/20th of a second) one is almost playable, the other is basically unplayable). For comparison, Standard TV is usually 24-30 FPS, high definition is about 50-60 FPS. 60 FPS is more/less the best the human eye can do (i.e., 60 FPS wouldn't seem that different to us than, say 200 FPS).
You underestimate your own brain.
That's framerate, aka the amount of time the screen refreshes in a single second, not response time. Yeah, the human eye can detect up to (I believe) 73 frame per second, with 60 being around the max you can be consciously aware of. 15 frames per second is considerably less smooth than 30, with 60, while being visibly smoother, isn't quite as dramatic a difference to 30 it as 30 is to 15.
But that's neither here nor there.
What we're talking about here is repsonse time. The amount of time it takes for the screen to detect your touch, and convert it to an accepted input by the computer. 115ms isn't exactly fast, but it's not so slow anyone would notice it unless brought up in conversation. You'd only notice the difference between it and the iPhone 5 if you had them side by side, and were flicking your fingers around on the screen.
Anyone here with an iPad 3 or 4, try this. Go to the springboard and start flipping between pages moderately fast. It doesn't have to be super fast. Just...decent.
Notice how quickly it loses track of your finger? How it isn't a perfect 1:1 match? If you go slow enough it is. Speed it up just a little bit, and it start seeing it lag behind.
Do the same thing in Safari. Find a nice, big webpage and scroll it up and down. Slow at first, then more quickly. See how it quits tracking your finger perfectly after you reach a certain threshold?
Now ask yourself this: has this "lag", and that's exactly what it is, ever bothered you before? Oh no, it's been perfectly smooth since the original iPhone came out years ago. No one ever talks about how the newer iPhones seem to give you better tactile feedback compared to the previous generations. It's all about the resolution of the screen, or how quickly it loads and jumps between apps. Never anything about pure responsiveness to touch.
Which proves one thing to me: it's an entirely pointless metric. No one was ever bothered about it, no one ever even mentioned it until someone brought up a whole slew of numbers to brag over.