imic..anyone use these things????, need help with the imic please Options

[radiohead]

I just bought an imic to use with my mac. However, im now finding things saying that you cant hear it realtime because it has latency or lag, and stuff like that. Does anyone here use the imic to record music with, and if so, how can you record songs if it has lag? You wouldnt be able to hear what you are doing along with what you have already recorded, so it sounds like you would be in the dark...am i right about this?. I am basically wondering if this thing is just a piece of crap and i should send it back. Im really not ready to shell out a ton for a soundcard, and just wanted something decent to record vocals, guitars, etc with. But if i cant start recording my songs, then this computer is useless. I have cubase and protools free and am using a roland mic. If anyone can help me out i would greatly appreciate it. I basically want to see if anyone has actually made real songs with the imic on music programs, or is it just used for doing stuff like imovie and recording messages or something? any info would be greatly appreciated. thanks alot.