Thanks Joe,
OK, that is odd. The physics interpolation is set to none in my project, it's among the things I tired changing to fix the problem. Also it doesn't seem to make a difference if there is a rigidbody on the child or not.
It is pretty easy to set up and see though, especially with the capsule hands. If you put something between the wrist bones, under the forearm in the hierarchy, the lag should be easy to see - no code required. I can send an example project if you like?
I have one more idea that I will try today, which is to make sure the child is exactly like one of the bones in terms of rigidbody and collider settings, but the lag was there even when there is no rigidbody or colliders attached to the child.
Edit: Changing the child object to have identical properties (ie maxed out mass, zero drag, isKinematic etc) didnt work, this led me to test adding a MeshFilter and MeshRenderer on the bones themselves. Sure enough the same effect happens. Meshfilter / MeshRenderer components on an Object with a rigidbody seem to lag one frame behind a skinnedMesh using the same rigidbody.
I guess this is an more an issue with Unity itself, rather than leap motion specifically, I would have to do some isolated tests to find out.