You will need to read the manual and watch some tutorial videos on universal audio's website to get the playback walking properly. It also has a quarter-inch headphone output which allows zero-latency monitoring.It has a quarter-inch hi-z input at the front of the interface for your Instrument and that will take over channel 1 which means you cannot use a microphone in the channel 1 preamps simultaneously with the Instrument input.
It allows you to control a bunch of additional stuff depending on whether you are controlling the input or the output.