I have now tested it a bit more.
Got the U192S to work in Ubuntu as stated above, but also tested 24/192, and it works fine.
I upgraded my MPD system to the daily (what will turn into 0.9) which has Alsa 1.0.25 as well, and it works.
My conclusion, it works in Linux, but alsa <1.0.25 doesn't seem to work.
If you are wondering, I checked and it really is playing 24/192.
My only problem is that I can it is silent via TOSLINK at 24/192 (but works at 24/96). Since both NuForce(I sent them an e-mail) and Simaudio claim they support 24/192 via optical I can only assume its the cable.
Also, one minor stupidity, using the included USB cable I got glitches in the sound. Spent quite a bit of time thinking it was software. Changed for a (much longer, but better) USB cable, and it worked no problem.