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Firstly in cubase does the delta 66 assist the PC when it comes to processing VSTi's and effects?...
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No. Not directly.
There are computer audio recording rigs that do have built in DSP processing for plugins. This is how the real deal Pro Tools works (I'm talking about the version that costs about $15,000).
There is one reason that you could get more VSTi power out of your M-Audio audio interace. It has to do with the way your stock soundcard handles latency. Essentially, it's more that a stock soundcard penalizes performance in this recording.
The real answer is kind of complicated and I must admit that I only understand the general concepts. (I don't have an electrical engineering degree and I don't design computer components).
But, to answer your question. As long as everything else is equal, any low latency audio interface should perform equally well. I'd assume that your Delta 66 would have identical performance to a USB 2.0 M-Audio audio interface. If there are any differences, they would be VERY slight unless something was seriously wrong with the system.
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Can it be true that a USB II peripheral can be as good as a PCI card in terms of performance?
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Sure. I'd expect no significant difference. I'd probably go with Firewire, but the differences between USB 2.0 and Firewire is quite small.
Brandon