ASIO4ALL bypasses some of the Windows nonsense in handling audio, which probably helps, but it is still dependent on part of the drivers written by the sound card manufacturer, not to mention being unable to bypass any hardware limitations of the interface.
If the manufacturer's drivers for the sound hardware are not well enough written, there will still be a fair amount of latency that ASIO4ALL cannot bypass. With proper use, I'm sure ASIO4ALL reduces latency a bit, but in many cases the difference will not be enough for anyone who wants to monitor input audio live through any application (such as SawStudio + Guitar Rig).
For low latency performance, there is still no substitute for decent-quality hardware with well-written drivers.
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