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Hey man, they're headphone jacks so you'll need an adapter to 1/4". I'm not sure of the recording latency of the device but these days it should be almost negligible. If you run it in ASIO mode and use ASIO4ALL on a good enough PC you can drop the latency substantially through any recording device bar the hardware latency which only the manufacturer can be responsible for.
Long story short, I wouldn't recommended it for studio use but I'm sure it'll be fine as a simple I/O for playing and gaming.
Ps. Rocksmith is AWESOME!
Edit. I've used 1 before for regular gaming and music, never for Guitar Rig, Rocksmith, Revalver, Amplitube etc.
Mmmm. I've had a bad experience with 3.5->1/4" adapter before, so I'm not quite convinced yet. I'm going to keep looking for a bit, but it might be worth the risk at the price, and my electric isn't getting the love she deserves..