I just skimmed this thread, I know a thing or two about recording...
I find it interesting that people are finding it difficult to record using something like GR5 (having latency problems and such...) I think it's a decent plugin although personally I dont think its worth what they charge for the full version. Another one to check out is Amplitube 3, they have a bunch of officially licensed simulated gear from people like Fender and Orange and the unofficial copies seem great too.
The whole advantage in my opinion especially when recording at home, is that what you hear coming out of your speakers (or headphones) when you play through these kinds of things is exactly what will be recorded, as opposed to playing out of your amp and putting a mic infront of it which will not sound the way you hear it sitting in your room, plus you need the right mic's and preamps to get it sounding nice.
The latency issue i would guess to be a hardware issue, you do need a decent computer as to not have noticeable latency, if you are getting latency you should try adjusting the audio buffer size in the audio settings of your plugin or DAW....
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