Ok I have it up and running with a latency that is all but non existent and, compared to the trouble i had last year using usb soundcards, a breeze to set up. The fact that a USB card can be as cheap as R35 and give a similar latency was pretty cool though.
Raspberry pi model B + Wolfson soundcard + SD = R1300.
soundcard has not yet got drivers built in kernel so had to Google a bit to find an image to start with.
Looks like it is more stable without the USB hoops (force 1.1 mode, disable ethernet, etc) i had to jump through for lower latency so i am loving it.
So if anyone is thinking of getting that wolfson card, remember you will be locked at the current kernel (if you update, you will have to complile your own kernel with the patches). Not a big deal for me, I just use this SD card for this application.
I'll be very surprised if latency is over 10ms. It is definitely quicker than my laptop with a R3000 soundcard running at "8ms" which is closer to 15ms roundtrip...
Ok summary:
-download Ragnars patched raspbian kernel or a full image from same thread:
http://www.element14.com/community/message/107186?tstart=0#107186
-set up soundcard using usecase scripts (alsamixer has a hundred non coherent options, scripts are included and very simple)
-test using arecord and aplay.
-install pd-extended using apt-get, etc.
-build a patch and adjust audio settings etc.
-then call it with: pd-extended -alsa -nomidi -nogui -audiodev 0 patchname.pd
!Without "-nogui -audiodev 0", i get errors with memory allocation and if it pops up again i'll have to move to pd-vanilla which is apparently working without error on this wolfson card.
I have it running a patch with speaker and room emulation: guitar-pedalboard =THIS= headphones. would work as a looper easily.