The cumulative time difference between two laps at any given point on the track. A delta time comparison helps you see exactly where you are gaining or losing time relative to a reference lap.
Segers is emphatic in Analysis Techniques for Racecar Data Acquisition: "One of the most powerful features of data analysis software is overlaying graphs from separate laps. If a software package does not support this option, buy another system! Ninety-five percent of all analysis work consists of comparison." He explains why distance-based comparison matters: "By overlaying two traces as a function of distance, the performance of the vehicle and the driver can be compared at the same point on the track. Overlaying against time does not bring any meaningful conclusions because events at the same time probably happen at other locations, and the traces tend to diverge over the lap." The delta time channel — derived from this comparison — answers the most important question: "where am I gaining or losing time relative to the reference lap?"