You can just about as much precision as the system clock (1 or 2ms resolution) but NOT at an event timing of less than about 5 ms. You can do this using Wait Until Millisecond Multiple. This node waits until a ms multiple of the clock, not provide a specific period of time delay. For example:
If you have a process that takes some variable amount of time, say between 3-7 ms, and you set the Wait Until Millisecond Multiple to 10ms, you could put them together in some structure that wouldn't continue until both had completed (a sequence frame for example). The program would continue after 10ms. A problem would arise if your process took more than 10 ms; it would surpass the wait ms multiple time and ruin the reliability of your timing. The resolution itself would be compar
able to your system clock. See the attachment for a quick example that illustrates this point.
