Hi,
How many interface pair (1 pair=2 ports) or ports in your IPS?
If 1 pair, then it's better to put it before firewall, as IPS can be used to filter more vulnerable incoming traffic from internet, compared to outbound access.
But if you have 2 pairs, then you can secure both segments -> before and after firewall.
For latency, it depends on your IPS model. Latency is something you can't avoid due to traffic inspection processes, but nevertheless, it's still acceptable.
Cisco IPS series is measured by its performance.
http://www.cisco.com/en/US/partner/products/hw/vpndevc/ps4077/products_data_sheet09186a008014873c.html
Rgds,
AK