The timings are how many clock cycles it takes for each timing to happen. Since there are more clock cycles in each second in the faster 1333MHz RAM it's slightly higher latency is actually pretty similar in nanoseconds.
Anyway, here is a better kit. Get two of them for only $59.98 and it is 1600MHz, so its a little faster than the two kits you're looking at. Your second choice has been deactivated in newegg so it's not an option.
Hey clarkjd good question.
I'm actually getting 16gb to be more future proof. I'll most likely need 16gb in about 2 years, so why not just get them now. Also I don't think Prices will change that much in 2 years.
Prices may not change, but standards will. By the time you need 16GB of ram for a game, you will be needing a new motherboard, CPU and graphics card. and your old DDR3 ram won't be supported on the new board.