It took exactly 5 keystrokes:

* gl (go to label, focues cursor in the search input)

* re (the label is called reports, it autocompleted after re)

* enter

I got results within 1 to 2 sec, along with typing. I'd call that satisfactory.

edit: I'm on 10MB ADSL and I wouldn't describe it as low latency; it's ok, but nothing fancy about it.