The problem, in my interpretation, is that there is no tick clock for one to watch. There is no such thing as “doing it right”. You can happen to click the instant the server ticks, reducing the variable to your own latency, but because it’s impossible to predict where the server is on the clock, you are just as likely to attempt to cloak too early, which is even worse.
In a nutshell, it appears that as long as both players are sub-second on their reaction time, it is 100% luck based.
On that note, if one were to hack the EVE client or come up with a 3rd party app that could figure out where the ticks are occurring based on information coming from the server (ping dependent) and display it in a clock like graphic, one could wait until the end of the tick to align and allow for a very rapid cloak command. Basically if the camper is spamming the mouse after gate flash, he is nine times as likely to with the race because he sees the victim at exactly the right time, but the victim has no clue when he actually de-cloaks. I promise you it’s always happening before that fizzly animation you see on your own ship.