With the M-Audio Firewire 410 you are able to record two tracks simultaneously no matter if you'd like to use the mic preamps or the 1/4 inch connections. I haven't had any latency issues with this interface, but with these type of firewire interfaces this really has more to do with your computer than the audio interface itself. The preamps are decent sounding, but are definitely nothing to write home about.
This audio interface has always run pretty smoothly for as long as I have used it as I've never had any real issues with it. I only use this interface when I want to record on the go and can't bring my whole set up, so I don't use it all the time. The make up of the M-Audio Firewire 410 isn't complicated at all as all of the knobs and buttons are laid out conviently and easy to find. The features include the basic controls including gain knobs for the preamps as well as a pad for each and a mic/line toggle buttons. It also has two 1/4 inch headphones outputs and an assignable level control section. The manual for the M-Audio Firewire 410 is complete and thorough and while I never had much use for it, if you are a beginner and this is your first audio interface, I would definitely recommend having it around.
I've had the M-Audio Firewire 410 for about two years and I use it as a supplement to my Pro Tools rig so I can bring it around if I need to record on the go. It is a very reasonably priced audio interface and it is nice to be able to run it with some sort of version of Pro Tools, even if it isn't LE or HD. This is really a perfect audio interface for the user who wants something cheap to get some ideas down or to get their feet wet with recording. This isn't the most well made piece of gear out there, but it gets the job done at a cheap price that makes it a viable option for people with all budgets.