AFAIK it's only capable of 14 bit resolutions for things like modwheel. CC can only have 128 values, right?

Also, isn't it safe to say that by the nature of USB MIDI interfaces, they are not well suited for MIDI operation? As in: Since USB drivers buffer messages, it causes jitter. Is that correct? Are there USB MIDI interfaces / drivers that don't have these issues otherwise?

Added to that: MIDI is mostly used for interfacing with external hardware, and as such you're dependent on the external hardware's MIDI implementation, which isn't always superb to say the least unfortunately.