CAS latency
Column Access Strobe (CAS) latency, or CL, is the delay time between the moment a memory controller tells the memory module to access a particular memory column on a RAM module, and the moment the data from the given array location is available on the module's output pins.
In general, the lower the CL, the better.
In asynchronous DRAM, the interval is specified in nanoseconds (absolute time). In synchronous DRAM, the interval is specified in clock cycles. Because the latency is dependent upon a number of clock ticks instead of absolute time, the actual time for an SDRAM module to respond to a CAS event might vary between uses of the same module if the clock rate differs.
RAM operation background
Dynamic RAM is arranged in a rectangular array. Each row is selected by a horizontal word line. Sending a logical high signal along a given row enables the MOSFETs present in that row, connecting each storage capacitor to its corresponding vertical bit line. Each bit line is connected to a sense amplifier that amplifies the small voltage change produced by the storage capacitor. This amplified signal is then output from the DRAM chip as well as driven back up the bit line to refresh the row.