I was initially worried about how interactive compiling would be, however it turns out (at least with the projects we've tested it with so far), it's pretty easily able to keep up with around 3ms from a modification to codegen being complete. The LLVM IR we generate is pretty simple which helps, and we also try to only recompile as much as possible by putting everything in separate LLVM modules (hurts runtime performance a bit since we can't optimize across modules, but it doesn't end up mattering too much).
The graph operates per sample - we really needed that feature to be able to do feedback loops, for things like FM synthesis.
Edit: I started adding in an explanation of Axioms architecture in the hope that someone with knowledge of similar projects could chime in, but it was getting quite long... might look at writing a blog post on it sometime soon, if people would find that interesting.