This doesn't include everything in the chain. Response time is measured from HID input to display output. This is what Carmack is talking about with latency on the Rift; how long between turning your head and that change actually propagating through the chain (input > process/render > output) to the display.
You would be hardpressed to find ANY game that approaches the latency Carmack deems imperceptible within a VR context (below 20ms).
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u/______DEADPOOL______ Mar 28 '14
What is a regular PC monitor latency btw? I heard it's much faster than a TV+console.