Using the Original Raspberry Pi
Using UV4L and its built in MJPEG streaming server I was able to get a pretty reasonable solution together with a lag of about 0.5 seconds. However, I had to use a video size of 320x240 at 15 FPS which is pretty low res. See video below.Using the Raspberry Pi 2
The Pi 2 being 6 times faster you'd hope that video rendering would be much faster and you'd be right!
The video below show video streaming using MJPEG at 1920x1024 at 30 FPS and we're getting about 0.4 to 0.5 seconds lag which is pretty good.
I wasn't able to improve on the speed by very much by dropping the frame rate and resolution. Even at 320x240 15 FPS I was still getting a lag of 0.3 seconds. I think there is a certain amount of lag that cannot be overcome. The speed of the wifi and the rendering on the tablet will all add to the delay.
Using WebRTC
UV4L on a Raspberry Pi 2 supports WebRTC which is not available on the original Pi due to API's not bundled in Wheezy for the original Pi. WebRTC is a new protocol and API for supporting real time communication in browsers. Media streaming is just one of the many uses.
Although it works very nicely the speed was very similar to MJPEG.
So, near real time streaming video at full resolution is possible with the Raspberry Pi 2 and UV4L.