I use Cubase 7 and I use track delay in milliseconds to compensate for latency, and it works brilliantly. I don't know how to properly explain how it works though, and I feel like a bit of an idiot because I probably should be able to :P lol

I've used it to compensate for input latency for as long as I've been using 7, and I always do that by setting it equal to the clocked input latency (for example, if my input latency is 5.9 milliseconds, I set the track delay to 5.9 milliseconds for whatever track or tracks I'm laying down). The first time I ever tried using it that way was purely guesswork though, and I hadn't really wondered about it until now. It's never failed me and that's great, but I'd like to know how to actually explain how and why it works for that purpose in a way other than it simply being wonderful mystical DAW voodoo. Thanks!