Recently, I purchased a Privia PX-330 for use with Reason 4. It works just like any other USB Midi keyboard, and I am able to use it to track songs in Reason 4. I'd like to start using it live, but the latency is TERRIBLE, and I think I understand why.
It seems that Reason 4 won't let me direct MIDI output to the keyboard. I think it's because Reason 4 doesn't have a driver for my PX330, so I have to set it up using the "<Other>" keyboard category. This forces me to use my laptop's sound card for the sound output, and there's about a quarter second of delay between hitting the key and sound coming out. I've tried setting various buffer size and frequency combinations, but the delay is still terrible. Reason will tell me that I should have only 9 ms of latency, but in reality, it's clearly much worse.
Interestingly enough, I'm also using Ivory II, and the midi output to my keyboard from Ivory II works just fine. When I use the MIDI output in Ivory II to my keyboard, the latency is completely unnoticeable, so my intuition is telling me to try to get Reason 4 working the same way. If anyone knows how to do this, or if you'd suggest doing something completely different, I'm all ears!