Here's the Edirol piece to which Ed is referring. This is the reverse of the piece I posted before, which means it is what I thought the other piece was. It will take a USB connection from your computer and convert it to SPDiF or Toslink, keeping the signal in digital. But, nowhere does it say it converts the signal to PCM. I'm not sure where this is coming from. My understanding is that the computer puts the signal out in digital at whatever resolution you imported it and I don't know that it needs to be "converted" to PCM nor do I see that the Edirol piece performs this function. I'm not sure what the problem with the M-Audio piece wasm either -- but -- I can tell you that when I was running MP3, the pieces in my system were not critical. I could take a feed from the headphone out, split the signal into L & R, feed it into analogue inputs in my pre-amp and you couldn't tell much difference. Now that I import my CD's uncompressed, you can tell large differences between, for example, the M-Audio piece and the Apogee.
http://www.edirol.com/products/info/ua1d.html
http://www.edirol.com/products/info/ua1d.html