If the hardware can handle low latencies (and full duplex, another requirement), it will have an ASIO driver (ASIO drivers are probably the simplest drivers I've ever written).
Which means that you only use ASIO4ALL on hardware that can't do what ASIO is meant for in the first place.
Oh well, it can work as long as you don't do things that require low latency.
For playback, the latency is not an issue really. And if you're recording, most software will be able to figure out how much delay the ASIO driver is causing, and move your recordings back in time so they end up in the right place, regardless of how much latency you have.
But things like realtime monitoring or processing... not a chance