Piano is around 20 - 30 ms. Flute/clar are more like 30 - 60 ms. Yes, bass instruments are even longer, lower register on a double bass can easily be 200+ ms. That's why quantizing MIDI data for orchestral instruments causes issues. The various instruments have latencies that are all over the place. And people can deal with it just fine.
Also, ever seen someone walk around stage playing an electric guitar? Sound travels at about 1 ft per ms, so if you move 10 feet from your amp, you just added 10 ms of latency. Go to one of those giant stadium setups and it's easily 30+ ft from the guitarist/keyboardist to the amps. That's at least 30 ms of latency. And they do just fine, too.
Latency used to be a problem WAY back in the day when digitial audio was brand new. Latencies were huge and people rightfully worried about it. It's not an issue any longer but people forgot to stop caring!
Here's another way to think about it: at 120 BPM a 1/128 note has a duration of ~15 ms. Have you ever seen a 1/128 rest at any tempo, let alone one as quick as 120 BPM? No, because people can't sense time scales that short.
rgames