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So far latency has been regarded as a minor issue in Passive Optical Networks (PONs). However it may become a key factor for the commercial success of PON and WDM-PON. In this work we review the relevance of very-low latency in the access as the enabler of new higly-interactive cloud services. Then, we propose an approach for delay-based differentiation in PON that causes the delay variance to become smaller than in regular IPACT, featuring a reduction of jitter for high-priority traffic. Then we analyse the impact of setting a maximum delay guarantee to high-priority traffic, on low-priority traffic.