Just to follow up, I can't say enough good things about the convenience of using the Presonus Studio One software with a Presonus recording interface. Configuration and management of I/O is very easy. It also does a really good job of providing zero latency monitor mixes. I'm very pleased.  
 
I couldn't tell you about managing MIDI or virtual instruments since I only deal with real performances.  
 
-bob

Always great to hear a success story!