What latency..? I use the built-in metronome when putting down a first track, then add more tracks using this same metronome. If necessary, I listen to a previous track, and if it turns out to be mis-aligned, I just move the track along slightly to line it up. For simple stuff (basic chords, a bass line, a drum track, some singing...) there's no issue at all. It's true that in a major studio, the equipment is better spec'ed, certainly, and needs to be, but for writing a basic song, you've all you need to get going, I'd say. Don't forget a good headset, too, though, for monitoring and mixing.