It depends on when the memory modules were manufactured.
Back in 2006 the Corsair Value Select VS2GBKIT667D2 (Elpida) DDR2-667 had Rated Timings of 4-4-4-12 1.8V.
If you were to purchase the VS2GBKIT667D2, manufactured recently, it will have a Latency of 5-5-5-15.