This is an oversimplification, but you can think of WASAPI as an alternative to ASIO as a way for SONAR to talk to your audio interface.
For me (using a Focusrite Saffire Pro 40) WASAPI works great. I can get lower latency with ASIO, but the 5ms I get with WASAPI is perfectly adequate for playing virtual instruments in real time. One reason I use WASAPI is that I can set SONAR's buffers independently from other audio applications.
Some have reported that they couldn't get WASAPI to work with their interfaces. Others report that it only works in its native sample rate of 48 KHz and flakes out with 44.1. That hasn't been my experience, though. I'm always at 44.1.
I'm guessing how well it works (or if it works at all) depends a lot on your hardware. At any rate, it's easy enough to give it a try and see for yourself. Or just stick with ASIO if it's working for you.