…at MP3 quality. This is fine if you like that sort of thing. I would note that latency is very important here: it's not going to be nice to play through if it's incurring any significant latency.
Yes, latency is huge. Modern digital audio stacks in consumer OSes are still completely terrible at this. Not that it's an easy problem to solve. But it's pretty hard to beat elections flowing through an analog circuit, when in the digital side you have to: convert analog to digital, run through the kernel to get to user space, run the bits through the RNN, send back to kernel space, convert to analog and finally sen…
Things like Clavinova keyboards Piano or Line 6 Pods simulating Guitar/Bass amps & effects have been out their for decades now.
And while they have been quite popular due to the sheer number of sonorities and the convenience they bring (possibility to play with an headset, extremely useful to play at night or in apartments), traditional analog setups remain strong.
Playing on an analog setup still is more pleasant and more expressive IMHO, in particular "simulators" tend to mask the attack when hitting a note, and hides a lot the tension/crispation in the hands/fingers when playing, leading to potential bad habits, specially for people learning to play an instrument. Analog to digital and digital to analog conversion definitely lead to loses in expressiveness.