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What is the advantage of each format or path, WASAPI, MME, KS, etc? What's best? Why?
MME is what I supported until now. The problem with it is that Windows will always automatically resample it if the sample rate that's set in the driver settings doesn't match what you select. In fact, that wasn't the case in Windows 95/98/XP, but since Vista they kinda screwed it up. This is the most annoying for FM outputs (the whole stereo/rds part can disappear due to the resampling), but the resampler that Windows uses is very bad and causes audible artifacts - and many people might hear that something is wrong but they won't know what it is.
MME also passes through the Windows mixer which can combine multiple signals into 1 signal going into the sound card. This mixer causes extra latency and potentially artifacts.
WASAPI can apparently only be opened in the sample rate that's selected in the driver. So, choosing the wrong sample rate here means that you get an error message instead of (invisible) resampling.
KS is getting pretty close to what ASIO does. I have to read up on the exact details here... but it was really time to replace MME by something else.