Try using a power supply on the keyboard an unplug the USB (possible driver conflict there). Leave the routing as in the OP where you have MIDI via cables to the UR22 and try ASIO mode if the UR22 allows.

I have a Ur22.  I suspect your conflict is with the keyboard since according to m-audio's site says it also doubles as an audio interface.  Is there a setting within the m-audio device that switches between sending midi info via midi port or USB?

dubdisciple
I have a Ur22.  I suspect your conflict is with the keyboard since according to m-audio's site says it also doubles as an audio interface.  Is there a setting within the m-audio device that switches between sending midi info via midi port or USB?

I have an Ozone, and the drivers it comes with are an "all or nothing" thing... I cannot connect it via USB and not have it conflict with another audio interface, so resorted to a power supply and MIDI cables only. I suspect that the M-Audio drivers are coming online even though your purpose is "USB power." 
 
Another thing to check is there should also be settings on the keyboard to set MIDI via MIDI ports or MIDI via USB. I posted on another thread this morning and the only solution they could get was the power supply, MIDI cables, and USB unplugged. (on an Axiom 61)

Thank you all for the responses.
 
After switching to direct power and disabling USB my problems have been solved.  No more latency and I can utilize the ASIO driver settings.  I think that the fact that the Maudio 49i that I am using doubles as the interface was causing the issue.
 
That being said it makes me curious.  I was looking in to midi controllers that have control surfaces, the Axiom61, Roland a-500 - so I can utilize the faders and pads.  I am assuming these controllers also require USB power and that I should research whether or not they double as interfaces to avoid the same driver collision.
 
What are you thoughts?

Most of them do not double as interfaces.  I know the A-500 works great with Sonar and I am sure there are people who have used Axiom as well.

The Axiom does not double as an audio interface, however this the thread I was referring to above. Windows should read a MIDI controller when plugged in, so the Axiom having the same issue as my Ozone and your Keystation is baffling to me (all M-Audio products). I am curious to see what M-Audio replies when he emails them from that thread.
 
I cannot speak to the Axiom or A-500 directly (have owned neither), but I have seen posts from owners of the Roland A-500 say that they like it a lot.
 
I am glad you got things working, but realize the work-around tactic is not preferred.