One second doesn't sound like much but a lot can happen in such a small timespan. In one second a hummingbird's heart beats 21 times, a baseball pitch zips 132 feet and the human brain completes the work of 82,944 processors. So maybe a second is more important than you thought.
Recently, Wowza Media Systems bragged about their "low" latency. Remember how much happens in a second? You could be missing all that. Your nice, shiny new drone? Splat. Right into that rock you didn't see a second ago. The final online bid on a rare Action Comics #1? Nope. Snatched away by an in-person bidder.