This paper presents robustness propertis of the Kalman Fiter and the associated LQG/LTR method for linear time-invariant output-delayed systems. It is shown that, even for minimum phase plants, the LQG/LTR method can not recover the target loop transfer function. Instead, an upper bound on the recovery error is obtained using an upper bound of the solution of the Kalman filter Riccati equations. Finally, some dual properties between output-delayed systems and input-delayed systems are exploited.