Latency question- monitoring live with effects

[exaltron]

Ok so I've been struggling with latency issues for years. Every time I get a more powerful soundcard and/or computer, some new effects (such as pitch-tracking M4L devices and now Amp), create more latency. I have gone through all the threads and the tutorial regarding latency and latency compensation and it seems like I have two choices:

• 1. Run live in "Delay Compensation" mode. Set the latency amount which live will then automatically compensate for when clips are played back. The problem with this is that when monitoring audio through live, the latency becomes much more pronounced.
  2. Run live with Delay Compensation turned off. Latency when monitoring through Live is much better, but there is still some latency with recorded clips that must be manually corrected by setting the clip start point forward.

Am I correct in assuming that there is no "third way" that would allow low-latency monitoring with some kind of automatic latency compensation?

[Ableton_David]

Have you tried freezing/flattening? This can also help.

[aukleive]

Run twice the sample rate, giving you half the latency...avoid plugins inducing enormous latency..there are quite a few around!!
Ex dont use nice looking drumracks made from 24 Operators or more...
One simple send/return track takes up 5 percent cpu on a macbook pro 2,53 ghz...

Audun