Well, I'm writing a sequencer. I was trying to figure a way to achive low callback 
latency to update
my mixer, without using any "extra" (such as /dev/rtc). My approach was quite simple, 
I just spawned
a high amount of threads, each with a sleep(1) and updating the player timer all the 
time.
Surprisingly, this works amazingly well, and the more the threads the better the 
performance, now under heavy load (and without patching against low latency) the 
player latency is allways around 10ms (the minimum you can get from the x86 clock). I 
hope this information is of any use!

Regards

        Juan Linietsky.

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