I think doing processing on the device makes no sense, especially in conjunction with a PC. Just focus on getting the data into the system as quickly as possible, and with as much temporal and spatial resolution as possible without compromising accuracy. USB3 would help, but probably a PCIe card with a proprietary connection would be best in terms of latency and throughput.
There's a lot to be said there. My memory is a little fuzzy, but I'm pretty sure Carmack was talking about the benefits of dual GPU's for this specific purpose. To have one of the GPU's handling that aspect. He made it sound like VR could absolutely devour GPU power if you gave it the chance, so I think the problems are probably bigger than we all assume.\
EDIT: Although thinking back on it, it's possible he was simply referencing the type of resolutions that could be used in the future. That was a long keynote. Some of it's run together in my head.
Just fundamentally it's a bad input device. With a mouse/motion sensor/controller buttons you get an immediate value you can work on, but with kinect you have to process that data to create the hand/body tracking information hat the game can use. So an inevitable interim step that is difficult to remove.
Do wireless controllers add noticeable latency? Eg a 360/PS3 analog pad.
I'm a bit of a freak when it comes to latency, but I can say without question that I can notice the lag on a wireless 360 pad. It's why I just use a wired pad. It's not outrageous, but it's high enough that a human can detect it with the right games.