Truly won't work for bass because of the latency. Bass playing is all about pocket - you can't learn to feel it at all with the amount of latency in this game.
Again, the latency(or lag) is an easy fix. On my PS3, I have the video gong from the PS3 thru an HDMI cble to theb TV, and the audio from the PS3 thru the A/V component cable direct to my stereo, Sound settings on the PS3 are set to Audio Multi-Output on, the TV audio is turned off. I get NO lag/latency.