CAS latency, put in the simplest terms, is the time it takes between the RAM being asked to access a certain part of the memory and when that information is available to the computer. This is an oversimplification, but its also a standard benchmark of ram performance. Gnereally the faster the ram, the longer the latency. This is a tradeoff that is made as the ram gets faster, but must operate within safe and practical temperature and voltage thresholds. DDR3 ram, with its blazing fast clock speeds, will have much longer latencies than slower DDR2 ram. To a lesser extent, DDR2 at 1066 may have longer latencies than DDR 800, which may have longer latencies than DDR2 533.
All of that said, you will notice zero difference between whatever you're considering for your new ram with regards to CAS latency, so I'd just ignore that statistic alltogether. If you can get a good deal on your 2x2gb ram kit, absolutely do it. Those kits are sold because the two sticks of ram match particularly well for use in computers that benefit from something called dual channel memory. They are made from the same batch of memory chips, so there is less chance of the two sticks having problems with each other, as there are tighter tolerances, as well as improved performance when memory is operated in dual channel mode. So these two sticks of ram are normal ram sticks that just happen to be quite well suited for each other. They will operate just fine living independent lives in different machines. And extra memory will benefit every machine.
Hope this helps!