I have both the Transit and the Turtle Beach (TBAAM), and although the M-Audio Audiophile's amp may be better than the TBAAM's, the Transit's is most definitely not. If you're not amping the Transit, it has horribly sharp treble and little-to-no bass out of the line out. The Transit is clearly more detailed in the treble, but like nightfire said, M-Audio devices tend to sound grating and hard to listen to. The Transit is no exception. The TBAAM has a relatively powerful little integrated amp of its own, and I find it a good, smooth source+amp for listening to my 325is and ER-6is.
If you were using an amp, then the differences would be less outright, and you might enjoy the increased detail of the M-Audio. But if you're not, you're going to find the Transit a fatiguing and bass-less source.
As to latency, the Transit has selectable levels of latency--"high, medium, & low"--but I don't know how that translates into ms.