Reliable low-latency gravitational wave parameter estimation is essential to target limited electromagnetic followup facilities toward astrophysically interesting and electromagnetically relevant sources of gravitational waves. In this study, we examine the tradeoff between speed and accuracy. Specifically, we estimate the astrophysical relevance of systematic errors in the posterior parameter distributions derived using a fast-but-approximate waveform model, SpinTaylorF2 (STF2), in parameter estimation with lalinference_mcmc. Though efficient, the STF2 approximation to compact binary inspiral employs approximate kinematics (e.g., a single spin) and an approximate waveform (e.g., frequency domain versus time domain). More broadly, using a large astrophysically-motivated population of generic compact binary merger signals, we report on the effectualness and limitations of this single-spin approximation as a method to infer parameters of generic compact binary sources. For most low-mass compact binary sources, we find that the STF2 approximation estimates compact binary parameters with biases comparable to systematic uncertainties in the waveform. We illustrate by example the effect these systematic errors have on posterior probabilities most relevant to low-latency electromagnetic followup: whether the secondary is has a mass consistent with a neutron star; whether the masses, spins, and orbit are consistent with that neutron stars tidal disruption; and whether the binarys angular momentum axis is oriented along the line of sight.
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