Ok in context first, these controllers are by far the cheapest things around and offer great value for money, though i'm sure behringer's not exactly making a loss.The only other time you'll get motorised faders would be with the behringer digital mixing desk Some cons, the rotaries are very plastic and could do with some beefing up, maybe a bit more rubberised. They don't offer much resistance and turn a bit too quickly. I'd have given up one row of them just to have better build quality.
At the moment there's no latency with it. Usually latency is governed by the audio aspect of the sound card, but there's none detectable through chaining the midi. BTW it offers 1 in/2 outs for midi and a few configurations for internal routing connections. The manuals can be downloaded off the behringer site.
Parameter feedback is dependent on the sequencer. For bcf, there's the mackie emulation mode in sonar, so those motorised faders do move, but the bcr doesn't have squat, so the rotaries don't update. I think for cubase sx it's all ok. If you're a tweaker, bcr is the way to go, traditionalists will go for the bcf.
The java application is just for easier editing, but at the moment it's easier to look for premade templates from bcontrol.tk. All good stuff!