If you want to know more have a read of this page:
http://www.crucial.com/usa/en/memory-performance-speed-latency
It's by a memory manufacturer, so hardly impartial, but the information is correct and not overly technical. Basically it tells you that there are two things that matter: Latency and Speed. Latency is the amount of time it takes to execute a single command, and Speed essentially determines how quickly data can be read or written.
Although CL15 2400mhz RAM looks like it has a higher latency than CL9 1600Mhz RAM, they actually have almost the same latency... in fact, while RAM speeds continue to get higher and higher, latency hasn't really changed for the last 6 years or so.
So both those kits have very similar latencies, but obviously the DDR4 kit has a higher frequency, so is the faster kit.
Having said all that - mrmez is absolutely right that it matters very, very little for almost all real-world applications. There are a couple, but it's actually pretty hard to find benchmarks that show significant changes based on RAM speed.