List,
 I've created a Wiki page with my findings of using real-time,
 low-latency audio on the RPi: 
http://wiki.linuxaudio.org/wiki/raspberrypi
 It's not complete and the RPi needs some more hacking to squeeze out the
 last bits of processing power that can be dedicated to things like
 samplers, synths, effects and guitar amp emulators.
 Thought I'd share the link, saw some questions regarding the RPi pass by
 the last few months. To show off what the RPi is capable of:
 
http://www.youtube.com/watch?v=u6XKaRe_MEA&webm=1 (if you still use
 Flash remove '&webm=1')
 Regards,
 Jeremy