I had added my comments to the RFC on the new CTRIO a couple of years back.
When doing accurate frequency measurements from a rotary encoder, you can usually expect some wobble (lack of concentricity). The only good thing is that the inaccuracy repeats every revolution. So if updating frequency once per revolution is fast enough, then all you have to do is count the period between X pulses, where X pulses is the PPR. That's hitting the Easy Button!
If that update rate is not fast enough, then the algorithm gets more complex but can still be done by subdividing the revolution into more parts, for instance X is now = PPR / 10. Keep track of the last 10 readings and do a delta compare and you can have fast AND accurate, and still correct for mechanical wobble.
This is just one example of a range of uses for a good timer counter card, in addition to the current focus of the CTRIO design.
Bill