I've been able to get audio from an ipad to Live through the iconnectmidi2. However, I'm not able to monitor the audio. In addition, audio from my audio card (M Audio Delta 66) is not "automatically aggregated" like the manual says. When I activate the Delta 66 in the asio4all interface, the DAW stops recognizing audio coming in on the iconnectmidi2 channel. Turn off the Delta 66, audio from iconnectmidi2 starts flowing again.
I'm hoping others have had better luck.
[edit] I'm running windows 7