I need to write a digital oscilloscope type application. There are many great static graphing controls out there, but I need something that can graph 16 traces processing 4
You may want to take a look at Steema Teechart (http://www.steema.com/teechart/net). I must add that I do not have any hands-on expericience with very high speed processing.
DirectX used to have .NET bindings (not sure about current version). It includes support for high-performance 2D and 3D graphics. If anything on Windows can meet your requirements, it will be DirectX.
I would recommend a National Instruments solution for .NET. National Instruments always had a leading position in data acquisition and instrument control. They have a library for charting/graphing in .NET however it is commercial.
You can take a look at QCRTGraph control. You can also look at this CodeGuru project.
Though, honestly, with your requirements you might be better off doing your own C++ implementation of it. With only 0.25ms per sample, locking and updating the buffer of any third party control is too expensive for you to afford.
I'd recommend the Universal Real-Time Software Oscilloscope GUI DLL Library. It's only a DLL, but is capable of high performance. Take a look at the example applications.
The graphics rednereing (points and lines on a widget) is fairly simple - you could do this with raw Win32 a la Petzold.