MIDISPORT 1x1

Just bought it, and trying it out. I'm noticing a slight delay between key presses on my keyboard and sound coming out.

There's one midi cable from my keyboard's midi out to the 1x1's midi in.

Then it's connected to the computer through the usb to usb b(?) cable.

I let the computer install the drivers automatically, and didn't use supplied CD's or M-Audio's website's drivers.

i5-3330, and it's a minimal project with a VST.

I saw a video that said I needed two midi cables for less latency as well. I'm about to go out and buy another one, but why would that help with latency issues?

No, you don't need an additional MIDI cable. The only use for an additional MIDI cable would be if you need to send MIDI data from the computer back to the keyboard (to trigger the keyboard's onboard sounds).

Your DAW will likely have latency settings that you can adjust, depending on how your audio drivers are set up. These will probably be in the program options/preferences and will likely affect the lag between the keypress and the resultant sound. Set the latency as low as you can get away with -- you'll know it's set too low when the audio starts glitching.

Another possibility, if your DAW has it, is to turn off automatic delay compensation. This is a feature that syncs all plugins to each other, but it can introduce lag and you generally don't need it when you're recording/playing.

I'd also recommend downloading the newest drivers from M-Audio and installing those. It may or may not reduce the input latency, but you're almost certainly better off using M-Audio's official drivers rather than whatever the operating system picked out.