As well as the errors mentioned in Tony's link, the deliberate delay is put there to give the subtitling guy (or gal) time to manually correct errors in the computer-generated subtitles.
So you'll see far fewer erroneous subtitles on programmes like Strictly (where someone is paid to watch out for the errors, and to quickly correct them) than you will on, say, Sky Sports News (where it seems that that they put their trust solely in how the computer hears what's said - often with some hilarious results!).