Honestly, I have no lag time with my Olympus. It is important to set your camera to sports mode if you want to take quick action shots. Also, make sure your red eye flash is off. That will cause a small lag. But, I just pulled mine out again, just to be sure. I fired off a series of shots with different lighting and I have no lag time. I pushed the button and off it fired.
It is important to realize that most point and shoot cameras are not going to be as fast as a SLR camera. But, with simple manipulation of your settings, you can get great results. Also, it is important to learn to anticipate the shot. This is true with any kind of camera you use. You know when your buddy is going to crest that cornice, hit that shutter button right at that moment and you will have the shot.
Both the Olympus 6000 and 8000 have multiple frame settings, as well. Meaning if you just want to take great action shots, you can set the camera to fire off a series of shots as you hold it towards the object you want to capture. Then you don't have to worry about missing that shot of your buddy's windshield popping off!
My Olympus is going on its third season right now. Here is a great shot I took of my husband last year. I only had the camera set in "snow" mode so it wouldn't grey out the snow. Everything else, I left alone. I didn't do anything fancy, just pressed the shutter release.
Hope that helps out. As soon as I wear out this 720 SW, I will definitely be picking up the 8000.