I'm planning on getting a Decklink Mini Recorder capture card(http://www.amazon.com/Blackmagic-Design-DeckLink-Recorder-Capture/dp/B00CDIXCSO/ref=sr_1_1?ie=UTF8&qid=1437402240&sr=8-1&keywords=decklink+mini+recorder&pebp=1437402250667&perid=033ZQNYT540RKB2NMPPF) to possibly use in an IMAG situation. Can anybody tell me what is the latency they receive from this card? Whether it is noticeable or not. I read other posts saying that the Decklink cards are very good but wasn't sure whether this one is part of them or they are referring to the higher end ones.

I also use the thunderbolt model and latency is very small.

They are quit good for the money you pay. I have two of them in one PC. The latency is a bit more compared to hardware switchers like Panasonic or Analog Way but here we are talking of 3000 Euros and more. But the latency problem mostly isn't a problem of one component. You have to watch your signal chain starting with the camera and ending with converters and even the projector or monitor. Each component will add some latency and if you have components that add only a little bit more latency than others it could be annoying. Adding delay to the audio is possible but there are "red lines" you have to find with the audio guys. Normally these red lines will end prior to compensate the visible latency ;-) So as Richard wrote, you will always have it and it's noticeable.