And to clarify, plain vanilla firewire is only 400mbits/s, actually slower than usb2.0 at 480mbits/s. The newer version of firewire (which not all devices have), firewire800 is 800mbits/s.
On paper, it may seem USB2.0's 480Mbps is > than FireWire's S400's 400Mbps.
How ever, do take note that FireWire works in such a way that devices are
directly connected and communicated with each other while USB requires multiple copy/buffer processes by a 3rd part host controller. Though the theoretical maximum burst speed of USB2.0's 480Mbps is high, it's sustained transfer speed is what matters more.
For proof of this, here's a
Quote from
FireWire - USB Comparison
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Question: Which is faster Hi-Speed USB 2.0 or FireWire?
Answer: In sustained throughput FireWire is faster than USB 2.0.
Question: If Hi-Speed USB 2.0 is a 480 Mbps interface and FireWire is a 400 Mbps interface, how can FireWire be faster?
Answer: Differences in the architecture of the two interfaces have a huge impact on the sustained throughput.
FireWire, uses a "Peer-to-Peer" architecture in which the peripherals are intelligent and can negotiate bus conflicts to determine which device can best control a data transfer
Hi-Speed USB 2.0 uses a "Master-Slave" architecture in which the computer handles all arbitration functions and dictates data flow to, from and between the attached peripherals (adding additional system overhead and resulting in slower data flow control)
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It seems FireWire's latency is much lower due to the elimination of the 3rd part host controller which is what matters most, because for these kinds of audio applications, we're most probably not hitting the limits of 50MBps. If that's the case, we would have sent 3GB of info for a 1 minute track...