You are completely correct if we assume that step/dir are going through USB. In my case computer sends commands (similar to g-code but highly optimized) to controller and controller has a buffer for 20 commands.
Most PCMCIA cards don't work becouse they are not true paraller port cards but USB->parallel converters. There is one card thar works from Trans Digital. Problem is that it requires PC card slot and most modern laptops have only Express slot. I got answer from them and they claim that it is impossible to create such a card for Express slot.