Imagine you have many clustered servers, across many hosts, in a heterogeneous network environment, such that the connections between servers may have wildly varying latenci
There is a project called One-Way Ping (OWAMP) specifically to solve this issue. Activity can be seen in the LKML for adding high resolution timestamps to incoming packets (SO_TIMESTAMP, SO_TIMESTAMPNS, etc) to assist in the calculation of this statistic.
http://www.internet2.edu/performance/owamp/
There's even a Java version:
http://www.av.it.pt/jowamp/
Note that packet timestamping really needs hardware support and many present generation NICs only offer millisecond resolution which may be out-of-sync with the host clock. There are MSDN articles in the DDK about synchronizing host & NIC clocks demonstrating potential problems. Timestamps in nanoseconds from the TSC is problematic due to core differences and may require Nehalem architecture to properly work at required resolutions.
http://msdn.microsoft.com/en-us/library/ff552492(v=VS.85).aspx