Some friends and I started out trying JamKazam, but switched to Jamulus pretty quickly basically because it had LESS options, therefore less fiddly to set up. Can't speak to the relative latency of one over the other. I would have guessed they'd be pretty close, and most of the issue is in the connection, but I suppose one may be coded better than the other.
I find it's a bit of a crapshoot, latency wise. Some days its pretty good, sometimes pretty awful, with the same hardware and settings. To me it's never NOT noticeable. The best I've been able to get is around 45ms round trip delay, with my friends in the same city, roughly 50 km apart.
I wouldn't say that setting it up to go through REAPER is necessary, but I started to do it and I love it. Before that I was using a guitar multi FX into one audio interface input and a mic into the other.
With REAPER, though, I've been using vsts for guitar FX, and virtual instruments for keyboard, with almost limitless possibilities. I suppose I'm adding latency by doing that.
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