I have a Behringer UCA-202 USB audio interface and I have used it for many applications like converting my old vinyl records into MP3s, recording live performances and the list goes on. I had only just discovered last week, a product very much like my Behringer that can do the same. It practically looks the same as well. Edirol is a subsidiary of the Roland Corporation and I am pretty sure that this is a product that can be trusted.Like the Behringer, the UA-1X also has an S/PDIF optical output to send digital signals to digital destinations and a headphone jack for direct monitoring of your computer audio & input signals.
Interesting bit of equipment and I am glad that I came across it. Unfortunately, this Edirol UA-1X has been discontinued.