IIRC, Totalmix = 1-3samples of latency from digital in to digital out, and AD/DA conversion on that box is close to 1ms each way - so you are looking around 2ms latency when routing an analog signal through Totalmix back to an Analog Output.  If you run your DAW at 32-Samples of ASIO and don't use any delay-inducing plug-ins (or if you disable PDC), this ends up right at 3.1ms according to the Centrance latency tester.

This is nothing I personally can detect with regard to feel and timing while tracking, but singers that use IEM's/Headphones can get odd phasing of their "Head Voice" to the slightly delayed signal (generally a very small number of singers seem to be affected), but instruments aren't generally affected in my experience until you get closer to 10ms "round trip analog-to-analog" latency...

There is a threshhold for latency - Even Analog Wires DO have a latency (speed of light!) and analog mixers introduce phase errors and the speed of sound "in the air" is aprox 1' per 1ms - so where do you draw the line?   You and your band-mates are hearing over 10ms of latency "through the air" with regard to your relative timing and perception of each other's playing.  If it doesn't directly affect your performance, it's "Latency-free enough" as far as I'm concerned :-)