MIDI is dead.
The latency, is simply not musical. I have worked with midi since the early 90s. Its a low baud serial connection. Play 5 notes at once? Nope, its now a really fast appregio. Got a nicer keyboard that sends velocity, aftertouch and control commands? Even more quickly flooded.
The problem is, its such a widely implemented standard, and yet there are few, if any, out of the box midi-on-chip solutions that make sense.
If someone produced a new standard, focusing on latency, and somehow made a midi failover/compatibility mode. Midi2 if you will... that could be easily implemented by device makers. The whole world would get better music.