Most DAW software will do time compensation while tracking, meaning latency is zero. So it's a non issue.
Where you get bit though is if you need to record a signal and then have the computer do it's processing and then spit it back out real time.
So for example, you want to record dry vocals to bass and drum grove, no problem.
You want to record vocals then have a VST reverb and spit it back at you while you sing real time can get to feeling weird.
Where most people have trouble is when they want to record using monitor mix with their vocals in head phone plus some reverb. Or as in the case of someone who record DI using an AMP simulator for their guitar.
Another thing is that for each millisecond of latency is like being 1 extra foot away from the sound source. So 40 milliseconds delay on drums would be like tracking 40 feet from an acoustic drum in a live setting.
Depending on the instrument I'm playing I might have to have it as low as 10ms or can just deal with it up to say 20ms.
Here is another thought, a song recorded at 120 beats per min has a sixteenth note = 125ms.
Racherik