Yes Key!
Let me tell you something about my musical activity: I mainly use the midi guitar to play guitar sounds on the JV1010. The reason is : I am a chorus arranger and director. We perform rock and pop music, so we sing live over cakewalk midi tracks trought the JV1010. I myself do all the orchestal and band arrangements in midi tracks, and I do prefer to record the guitarrs in midi staff notation instead of digital audio, because is a lot more eficient in terms of disk space, confiability and editability after the take is done!!
It works great, because now a days the response time of the pitch to midi conversion is ok to perform directly from the guitar and you donīt get any time shift with the rest of the track sounding during the guitar take.
I hope the comments from this guitar player be of some interest to you.
Wait hearing about you !!

Hugo