node1# nc -u node2 12345 < /dev/fb0
  node2# nc -lu 12345 > /dev/fb0

The "sub-second latency" thing is the standardized punchline coming from WebRTC folks, but yes, it's confusing. Nothing can make video flow faster than above, only thing you can do by inventing a new standard is to minimize the overhead you must add for your purposes.