Thanks for the information, but I believe we're talking about somewhat different things regarding the latency.

My question is whether X-Keys can accomplish the following:

UseCase A:

Begin recording on X-Keys
press A on keyboard
wait 5 seconds
press A on keyboard
wait 5 seconds
press B on keyboard
End recording on X-keys

Press key for playback
A (5 second delay) A (5 second delay) B

The sense that I got from your answer is that X-Keys is only capable of recording and sending key-combos (ie. Ctrl-A, Ctrl-B, etc.)