I have had no problems at all with installing or setting up my Mbox 2 micro, although I do sometimes have some issues with the Pro Tools software. It was really easy to set up and get going so I didn't need to use the manual at all. All I really had to do was plug it in and run Pro Tools because I already had Pro Tools installed. However, just running the Pro Tools installation disc will run you through the easy steps of installing Pro Tools.
I've had no latency with the Mbox 2 Micro, but it really depends on what machine you are running it with. There are no inputs, so you must have some sort of other interface, like an Mbox or a Digi 002 or 003 if you wish to track with Pro Tools.
My only problem with this is that there is no way to use my laptop speakers with it, you must use the mini-plug jack built into it. This is the first unit that Digidesign has introduced that can run Pro Tools without a full interface. I would recommend this to anyone who has a laptop and would like the convenience of editing and mixing on the go.