In my experience both the outgoing midi and the monitored incoming audio from the external synths are delayed by the PDC amount, so the delay is double what someone might like in that scenario. The MIDI is PDC-delayed so that it will trigger the synth in sync with Sonar's audio output. Then the through-going monitored audio of the synth is PDC-delayed because it is passing through the same audio engine as everything else.
But if I monitor the played-back external synths through their own amplified output, they sound in sync with the project audio. Note this, though: if I record the synth audio into a Sonar track, it is automatically shifted earlier in the time line by the PDC amount when the recording is complete, just like the recording of any other audio performance, so the recorded image is in sync.
This all would be the correct behavior if either 1) a person were performing MIDI live and recording the audio against an audio project, OR 2) a recorded MIDI performance is being bounced to audio (monitoring the audio track will sound wrong, but record right).
All these scenarios work best when monitoring the audio directly from the synth. Same with a live performer. Biggest problem is not being able to listen to the external synths (or any live performance) live through Sonar's effects. With PDC, there is no automatic solution for this, but a per-midi-track option would be nice for playback (not recording).