Jitter is simply variation in timing of a cyclic event. In Powerlink terms this is variation in the timing of the network cycle. Powerlink can achieve jitter of less than 1µS making it superior to many other solutions for real-time control.
Most control systems work on a cyclic update principle, so any variation in this timing will have a detrimental effect, such as introducing artificial speed variation, torque ripple etc. This ultimately effects precision and product quality.