I've been attempting to find a definition for a new item I've seen since my organization has moved to Exchange 2013. In the connection status window of Outlook, there is a setting for "Hybrid Latency Restricted". Can anyone define what this setting indicates, and how it affects Exchange?

I've never known there to be any settings in the Connection Status.  Do you mean that there is a status showing?  Where?

Hi,

This's a new feature in Outlook 2013. Exchange Fast Access and Sync Slider are two new features that are available with Cached Exchange Mode. By default, they are enabled when Cached Exchange Mode is enabled.

If the value of Hybrid Latency Restricted is NO, it indicate that Exchange Fast Access enabled.
More details about it, please refer to: https://technet.microsoft.com/en-us/library/ff631135%28v=office.15%29.aspx#BKMK_ExFastAccess