I run several webcams around the house for security, and stream them to my desktop PC. (not really that paranoid, but it is kinda cool) One is connected to a netbook running Lubuntu, and for a while I was streaming the webcam using VLC as an mjpeg, but it was about 9fps and 3 seconds behind. Just thought I'd share this tidbit: I discovered a trick to have near-0 latency and a very high framerate - just using VLC to view the webcam fullscreen, and then using TightVNC to view it on my desktop PC (using Tight encoding, the others are slower). I haven't yet found a way to enable recording it remotely yet though, but I'm sure there's a way!
edit - I just discovered a slight problem; the extra speed comes at a cost. VLC uses 3-4% of my cpu per window, but TightVNC uses 11-12%, 17% if I zoom in or out. CPU fan running just a little faster than usual.