High!
I also had those latency problems on a pentiumII 333MHz with magix and a Soundblaster AWE64 Gold. I actually would not have been able to get rid of them. In addition, I always had the impression that my midi playback was always slightly out of time.
That was, besides the fact that I prefer to work with faders and no screen, a reason to buy a VS880EX.
Later on, I had a discussion with sb. who does a lot of configurations for audio recording pcs, and he stated that most people that were having problems with their recordings simply had too much other stuff on their PCs. Network, USB, firewire, a parallel port zip drive, modems, scanners, 15 printers, 4 drawing programs with 500 fonts a.s.o. This may be a reason, why it does not work properly to record with your computer.
I'm quite sure that the guys who love recording on their pc, don't have all this shit installed. I had and it made me HATE to record on the PC. And as I need the pc to work with I can't get rid of all this stuff, that I really need...