The "horrendous audio latency" is why there are no quality audio apps on Android. It's success is mostly due to being on much cheaper phones so it has reached critical mass to attract every dev except those writing audio apps.
Next, consider that the "horrendous audio latency" has supposedly been addressed in the latest Android version (according to bass), so apparently it is important.
Next consider that WP's audio latency is twice as bad as the "horrendous audio latency" on Android.
I agree though that this most likely isn't the single make or break issue for WP, but WP needs everything it can right now to attract devs and users, so excluding a whole category of apps (important enough for Apple to create an expensive ad around), seems idiotic.