Well, my DAC arrived, and as I thought, latency is a big issue.
Unfortunately I didn't have the cables I need to measure this accurately - my analog cables weren't long enough, and it seems my TV will not accept an external audio input if an HDMI connection is used for the PC - only DVI, and I don't have a 15ft DVI cable, or plan on running one through the walls just for this.
I was able to measure the loopback latency (53ms with the standard Windows 8 driver - this drops a lot if you install the Realtek drivers) and running audio through HDMI into the TV, then out through the line-out which measures 73ms in game/pc mode (20ms latency) and 138ms in film mode (85ms latency)
But these results assume the output latency is the same over HDMI and the on-board sound, which is likely not the case, and I only had the time to test 60Hz.
To keep things simple, I will upsample all videos to 192kHz where the DAC has 0.47ms latency.
The ASIO buffer is set to 2048 frames by default though, and I haven't changed it - I think that is about 10.5ms at 192kHz?
So overall I should be somewhere in the region of 74ms when playing back films fullscreen, and 8ms when playing back videos windowed. (which is done in PC mode) The 65ms gap between the two is very noticeable.
And in general, trying to adjust latency for perfect audio sync seems to be a complete nightmare. I wish there was some easier way of doing it.
I tried one of those
Leo Bodnar Lag Testers when they were released, but that only measures display latency and doesn't account for the audio device. (and the software using it)
Even with this method of determining latency, which is probably
not entirely accurate in my case, is really complicated. I haven't spent too much time with it yet, but it seems like 73ms might be about right, but is still a bit off.
Considering no displays aside from gaming monitors and CRTs effectively have zero latency, and the output from the sound card/DAC etc. is variable, I'm surprised more people aren't having lipsync issues.
Is everyone just running HDMI into a receiver these days? (HDMI 1.3 devices support automatic lip-sync correction)
The other alternative is running a 15ft optical cable through the walls (if that's even possible?) into the TV, and then running that into my DAC. But the TV is limited to a maximum of 24/48, and I don't know whether it correct for those delays via optical or if it's just the analog outputs.