I've been playing with the Boss SY-300 guitar synth for a few days and it's pretty nice. It's an analog guitar synth. No hex pickup required, no detectable latency, glitch free, and polyphonic.
 
http://www.bossus.com/products/sy-300/
 
Check out the tracking -
https://www.youtube.com/watch?v=fUpJHGRkMiM
 
Here are some of the presets -
https://www.youtube.com/watch?v=h90EqUeuiPc
 
Most of the presets aren't my cup of tea, but Boss has Tone Studio sw that makes it easy to program if you're familiar with synths.
 

Wondering if it tracks well for bass guitar ?

Answering my own question.. I read at the (boss) website that it works with Bass and other electronic instruments!

You can adjust for sensitivity and there is a switch for bass. I haven't tried it myself, but I have seen some posts on V Guitar Forum from a bass player and don't remember any complaints.