You've been helping me with a current bug with clips being recorded out of time in multitrack sessions, possbily due to latency compensation issues. (http://forums.adobe.com/thread/930346?tstart=0)
Normally (i.e. once this bug is fixed), one would expect automatic latency compensation to be good enough - however, there really should also be a place to manually enter an offset, as in Reaper:
Or ableton live (Driver error compensation):
Couple of reasons why this is important:
1) as discussed in the thread I linked to, the mechanism by which delay is compensated for doesn't necessarly get it spot on even when it does work, so to get it spot on it might be necessary to tweak it a bit.
2) if for some reason the latency compensation mechanism is failing entirely, being able to put in an automatic compensation amount at least allows you to use the S/W after measuring the lag manually. Without this multitrack overdubs are a no-go.