Since I invented the "Latency Fixer" plugin, I think I should answer this post.
I use outboard gear rather than plugins. When routing audio out through the converters and back, latency is a serious problem. I found that using the track delay parameter to compensate for this latency was worthless, since it is tied to the song tempo, it is too time consuming to set up for each song. It is also not sample accurate.
I theorized that since all AU plugins need to report their latency to the Core Audio driver, a simple plugin could be created to do nothing more than to report a certain amount of latency which was specified by the user, thereby causing the Core Audio system to read that track ahead by this fixed amount. I contacted three programmers aboout coding this simple plugin. All three said it was impossible, but OS from the OS collective actually responded with questions and arguments, and we started a dialog. After a few permutations we came up with the current incarnation. In Logic 6 is was not possible to set up a different compensation for each instanciation, but in Logic 7 it is.
In my work I require absolute sample accuracy, and I much prefer to know precisely that my interfaces are compensated to this degree.
I recently sent off one of my MOTU HD192 to MOTU for repair, and the unit they returned back was a different hardware revision. It had a ONE sample difference in latency from my other HD 192. MOTU took a rather arrogant stance, telling me that I cannot hear one sample difference. Trust me, when you are parallel processing using outboard gear, one sample causes a serious phase problem.
Despite what the above poster said, there is NO means to adjust for insert latency in Logic. There is a recording delay parameter , but that has no effect on this problem.
Also, the latency changes with each Logic version and OSX revision. You need to re-test your system using the method outlined above each time you update any part of the software.
If you are using a firewire interface, you may find that it is impossible to accurately compensate for latency due to Apple's firewire driver issues.