Mesh... yeah, I messed around several times... tried ASIO, WDM, etc... I was getting about 10ms latency as a guess, as my best, after adjust buffers, etc. VERY quick slap back kind of delay. Using my Layla 3G and Sonar, it was pretty glitchy too or tracking about 70% and throwing in odd noises every now and then, which would totally rule out live use for me. I tried several guitars and sounds going in as well. Since I'm very interested in MIDI guitar, I'm really wanting this to happen, but either I'm missing something or I've gotten used to my current setup with the Roland GR and Roland Strat.
I'll be watching this closely though. I don't give up easily!
one last item... using the trial version, when I transposed down, that wasn't working either. IOW, the bottom note remained the same, but only where I now played it on my guitar. Using the trial piano sound... so it worked as far as where I played it on the guitar, but I couldn't play lower sounding notes.