http://research.google.com/pubs/pub36356.html
Anyway, it is a mouthful to explain latency percentiles, but in practice it ends up being an extremely useful measurement. Average latency is just not that important in interactive applications (webapps or otherwise): what you should be measuring is outlier latency. Every service you've ever heard of at google has pagers set to track high-percentile latency over the trailing 1m or 5m or 10m (etc) for user-facing endpoints.