Is ASIO4all really for all music servers?

I have built a PC based music server using a Asus P5N7A-VM motherboard with Intel Core 2 Quad CPU @ 2.66GHz, 4GByte RAM and Windows 7 OS. I am using iTunes as my audio player application and ripped all of my 700+ CD collection on my server using the Apple lossless music format for all CD transfers to the music server. I am using the optical S/PDIF port to feed my Benchmark DAC1 HRD D/A converter/preamp. I am using my iPod Touch as my music server remote control in my listening room.

In the May/June Absolute Sound Karl Schuster and Alan Taffel are refering to the ASIO software protocol that bypasses 'any and all OS detritus' from a PC based music server. Allan T. also indicateds that 'ASIO protocol gives the ability to dynamically adapt to the incoming source sample and bit rate which will avoid manually setting changing sample rates all the time'. My understanding of this protocol is to enjoy high sample rate/bit rate music as available on HDtracks web site without any user intervention when switching to different digital music formats.

I have a few questions:

1) Could you explain what are the main benefits in using the ASIO4all protocol?

2) Will this protocol improve audio quality on all i/o audio ports of my server?

3) Will it work with the iTunes application/Win 7 combo?

3) Any expected benefit in using ASIO4all with my current setup?

Thanks

Dasign