jonnewyork - it seems to me that running with a buffer size of 256 when recording would drive me nuts with noticeable lag.
I use an ASIO Buffer Size of 128 when recording, and then change it to either 1024 or 2048 when mixing. The smaller size when recording gives me a Total Round Trip Latency in Sonar of just under 10 milliseconds. When mixing, the much larger buffer size gives the more robust plugins room enough to do what they need to - such as Perfect Space or LP-64, etc.
Generally, for the rest of time, I expect to switch back and forth between a small buffer for recording, and a giant buffer when mixing.
Bob Bone