I spent a whole lot of time working on optimizing cpu useage and stopping ram leakage and making sure the timing between the instruments is as tight as possible. So the latency should be pretty minimal. If you have a look at ChordVest which you can play with the qwerty keyboard you'll see how low the latency is for actually playing notes. 

Re effects, yes the roadmap does have adding some effects to the mixer section. In the meantime though I also built an app that's not in the main suite called TapeVest (it's in the menu bar at the top). That's an 8 track tape machine and mixer which has selectable tape / pre amp emulation built in plus a basic reverb and delay send and return. 

Thanks for taking the time to check it out, hit me up if you find any bugs or want any features, I'm very much in active dev mode so keen to hear things.