Ableton Forum

Does Tapit2 record cut loops (1, 2, 4, 8 bar)? It says it does "Synchronized recordings. Four different synchronization sources"

Is that what that means.
Yes, you can specify any number of bars or beats to record (this is one of the 4 syncing modes).
And it can normalize your records on the fly.

Silverspike has released TapeIt 2 , the next generation audio grabber VST plugin.
TapeIt 2 writes the passing audio stream directly to disk into a wave file.

http://www.kvr-vst.com/i/s/tapeit2.jpg

Key-features:
Various WAV formats: 8, 16 and 24 integer, 32 bit float. Mono and stereo ...

With each VST plugin that I add to a track this track gets a delay of 128 samples.

It's independent of the audio driver and its latency.
Tested with Live 3.0.1 / Windows