Yeah, Euphonix's big thing is how much faster and more accurate Ethernet is vs MIDI for control surfaces. I haven't personally used an MC-Control, but the concept is amazing. You're not limited to MIDI commands, so you can program any button to do anything, even toggle applications - say... jump from your DAW to film editing software; and the control surface instantly adapts to whatever application is "live." Very cool.
It's hard not to be more accurate than MIDI. Unless you're using a nonstandard clock, your clock rate is 31.25 kbps, or just shy of 4K bytes per second. A control change message takes three bytes, one that contains the channel ID and the command, one byte for the controller number, one byte for the value. So basically the commands can be at no better than about 1ms granularity, and that's if you aren't sending control changes on more than one channel down a single MIDI cable. As a data format, MIDI is really remarkably poor.
And those using ISDN, as well. In a sense, ISDN is pretty close to what the OP was after. Digital audio moving from one interface to another via Ethernet connections. As was mentioned earlier in the thread, anyone who's ever worked on ISDN or SourceConnect knows there's about a two-second delay (depending on how & how far you're connecting). Not a problem for transferring voiceover, but completely impractical for anyone producing music.
Heh. Well, not all Ethernet-based stuff is
that slow. Part of the reason for the latency on ISDN is that it uses data compression. Source-Connect sits on top of either the TCP or UDP layer (probably the latter, but I'm not sure), which is pretty much guaranteed to involve a lot of latency and buffering to avoid dropouts due to network congestion causing packet delivery delays.
An Ethernet-based system would
not be carrying IP traffic on the same wire. You'd be using an Ethernet card strictly for communicating with the device, so there's no contention, and since Ethernet is full duplex (in modern versions), the protocol could be pretty dumb by comparison and still work.
The big reasons I can think of that it isn't used more broadly are A. compatibility, and B. it would tend to monopolize the Ethernet card because no standard Ethernet switch has any notion of packet priority or isochronous delivery, and thus a switch would likely add significant jitter, which has significant implications when working at low latencies.