I use the RME Hammerfall to fly 16 tracks simultaneously from my Fostex D1624 to my DAW and vice-versa. I do low-level sync to word clock, but have tried syncing to the extracted clock from the ADAT optical stream instead once or twice, just to see if it works. It does- the Hammerfall must have a *righteous* PLL design, because it locks right up, and stays locked. This might be worth thinking about if the VF16 doesn't have word clock capabilities: otherwise, getting glitch-free sample sync might be a problem.
I use Cubase 5, and have it set up for MTC for high-level sync and machine control. It's very nice to punch go in Cubase, and have the 1624 sync up to the MIDI stuff in Cubase properly, first time and every time... I'm relatively new to this DAW stuff, but using timecode sync is opening up a lot of unexpected possibilites for me. Anyway, the Hammerfall certainly has performed *extremely* well for me in my short experience. It ain't cheap by any means, but it works well- and leaves some room for future growth.
The one thing that it does not have is any A/D-D-A capability. So, for monitoring out of Cubase (and for MIDI I/O), I also have an Audiophile 2496. I set it up with its SPDIF I/O patched externally to the Hammerfall's SPDIF ports, and use its patchbay software to just run its analog I to the SPDIF O and vice-versa: basically just using it as a converter box and MIDI interface, and not as a sound card per se. Works for me...
Maybe one of these days I'll get good enough at Cubase to figure out how to use both soundcards simultaneously, since my first efforts didn't get the job done... (;-) Haven't had the time to invest in that just yet, though: I wanted to track, not type!
And for Brian, and anybody else who wonders: The ADAT optical cable is identical to the consumer TOSLINK optical stuff. Thank gawd... The same optical cable can be used in any of the current ADAT/SPDIF/Dolby AC3/whatever applications. However, just because the cable fits doesn't mean that you'll get full utility: plugging an 8-channel ADAT output into a 2-channel SPDIF input will certainly not get you 8 channels, as was mentioned above. And I understand that running an ADAT stream into a Dolby AC3 port will get you 5.1 channels of glorious, fullscale white noise... I haven't confirmed that one for myself, though. (;-)
The TOSLINK optical cable is the 1/4" guitar cable of the future, looks like.