Recent information theoretic results suggest that precoding on the multi-user downlink MIMO channel with delayed channel state information at the transmitter (CSIT) could lead to data rates much beyond the ones obtained without any CSIT, even in extreme situations when the delayed channel feedback is made totally obsolete by a feedback delay exceeding the channel coherence time. This surprising result is based on the ideas of interference repetition and alignment which allow the receivers to reconstruct information symbols which canceling out the interference completely, making it an optimal scheme in the infinite SNR regime. In this paper, we formulate a similar problem, yet at finite SNR. We propose a first construction for the precoder which matches the previous results at infinite SNR yet reaches a useful trade-off between interference alignment and signal enhancement at finite SNR, allowing for significant performance improvements in practical settings. We present two general precoding methods with arbitrary number of users by means of virtual MMSE and mutual information optimization, achieving good compromise between signal enhancement and interference alignment. Simulation results show substantial improvement due to the compromise between those two aspects.