i have never had a delay on optical (TOSLINK).
TOSLINK has advantages and drawbacks, the up side is there is NO interference what so ever weather it be EMI or RFI and no ground loop witch will ensure maximum performance out of your system by removing signal to noise ratio for quite backgrounds, and low-level detail .
on the down side, there is a electrical to optical transfer problem witch will increase noise and distortion within the system it self also has a maximum bend point, and if bent it mys cause a loss of signal.
Digital coaxial S/PDIF (the orange one :) it is immune to tight bends and has no real maximum run length like optical also it has a more secure connection than optical but it does get interference.
contrary to popular belief there is no AUDIBLE difference in the two under perfect conditions. there is no perfect cable but there is a right cable for every task. take the up and down sides of both into consideration and then make a choice.
for more info go to: http://www.audioholics.com/education/cables/the-truth-about-interconnects-and-cables
http://www.audioholics.com/education/cables/toslink-interconnect-history-basics
http://www.audioholics.com/education/cables/understanding-digital-interconnects