I cannot disagree strongly enough. I had a modmic, and sound quality was meh at best, vastly beaten by a cheap Chinese usb desktop mic. This thread generally sums up what I experienced with modmic:
Generally for zero latency monitoring, the advice I have seen is to use an interface like a Scarlett 2i2, or similar, and to rely on the dac in the interface. I suppose it is plausible to use the interface for mic input and monitoring, while directing output to the dac if your choice - I have no real experience In this arena except to chime in about modmic.