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I think VF-2 has the same lag as LCD but what I dislike most about the EVF is that it is buggy, even after firmware updates. The screen sometimes hangs or shows weird refresh/line skipping, and sometimes the contacts come lose and I have to push/move the EVF to get an image to show. This is with the cheaper Oly VF-2 though, not sure if the Leica branded ones have better QC/ It does work great where I can tilt EVF for composing hard to shoot angles.
thanks for that 411, joe..it's that bad, huh? i'm gonna try to hold out a little more for Leica to support the VF-4...but i think i'll break down soon enough and buy the Olympus VF-2 (i doubt the Leica version is any better...it's the exact same EVF, after all, sans the branding)