It has been observed that for many stable feedback control systems, the introduction of arbitrarily small time delays into the loop causes instability. In this paper we present a systematic frequency domain treatment of this phenomenon for distributed parameter systems. We consider the class of all matrix-valued transfer functions which are bounded on some right half-plane and which have a limit at +infinity along the real axis. Such transfer functions are called regular. Under the assumption that a regular transfer function is stabilized by unity output feedback, we give sufficient conditions for the robustness and for the nonrobustness of the stability with respect to small time delays in the loop. These conditions are given in terms of the high-frequency behavior of the open-loop system. Moreover, we discuss robustness of stability with respect to small delays for feedback systems with dynamic compensators. In particular, we show that if a plant with infinitely many poles in the closed right half-plane is stabilized by a controller, then the stability is not robust with respect to delays. We show that the instability created by small delays is itself robust to small delays. Three examples are given to illustrate these results.