EDIT
Ok i retract my 1st answer... it does not apply to PCIe... (but oddly some built in GPU gets boost when you change the PCI timer to 128 even though there supposed to be in PCIe.)
as to answer th OP question:
"The PCI Bus is shared , so only one device on it can transmit data at once. The PCI Latency Timer controls how long each device has control over the bus before another can be switched to. Remember, sound cards, IDE/SATA controllers, NIC and other devices are all on the PCI bus, some need to send data to the CPU, some directly to ram. When they have control over the PCI bus, their data goes to the PCI controller on the SB, then through some sort of link to the NB (V-link on Via chipsets, HyperTransport on Nvidia Chipsets)...