For the neophyte reading this, the latest debate between me & Glassman is not whether the 1010/0404 card as a whole resamples. It's about how (or if) EMU fixed the old 10K1 fixed 48KHz output.
The crux of this debate is whether EMU actually did implement a DSP with variable clock I/O, or whether they used some external glue to fix the problem (still w/o resampling).
It is indeed feasible that they could have added another layer of I/O to do 48->44.1. And yes, you can do this
one way conversion, i.e. 48->44.1 w/o resampling. But the 48Khz, cannot be true 48Khz output, it would have to be 44.1Khz-padded-to-48Khz. This gimmick requires rewriting of all DSP algorithms to deal with this "padded" output mode. It is simply not sound engineering.
Second, for recording at 44.1KHz, you are SOL. You just can't do the inverse function (because your function is not inversable in realtime!). You'd have to resample somewhere, at least for the input. The "analogy" that Glassman tried to offer wrt. to the old E-MU APS product is simply flawed. That old 10K1-based APS did
resample the input from anything in between 28-53Khz to the fixed internal 48Khz.
Finally, the last straw man argument is the "512x48 crystal next to the 10k2". This one is simply not an issue, as it drives the core processor of the DSP. There is no problem with it running faster that the I/O. In essence, the trick the Glassman proposes wrt to output, does happen, but inside the 10K2 DSP. All hard realtime systems work like that: output the result before the next deadline. If you want to guarantee 512 instructions executed per sample, you don't have to do exactly 512x times the work of the output. Anything above it works. So the core can be "overclocked" wrt. to the output processor when the latter works at 44.1Khz.