Yep, looks more like a novelty item, but it's aimed at professional/studio than home use in the main. Upsamples though and good for A/D as well as D/A conversion, so handy for anyone looking to digitise vinyl or tape and not waste money on those plastic efforts found in the weekend supplements of the various papers but still get a good product.
EDIT: Found this on one site; talks about using it as a converter for a computer but Hi Fi World have previously rated this (the 24-bit model) as an impressive piece of hardware. Maybe worth seeking this out after all...
"MIDIMAN's new Flying Cow, a professional external digital audio converter, introduces a cost effective way to get all of your audio conversion needs out of the world's noisiest environment - your computer - and onto your desktop or in your rack. If you are using a two channel digital I/O card in your computer, the Flying Cow A/D and D/A converters deliver cutting edge technology and crystal clear audio from 20-bit, delta sigma converters with 128x oversampling and a dynamic range of nearly 100 dB (A-weighted), all in a standard half-rack package.
The Flying Cow provides both AES/EBU digital I/O, on XLR connectors and S/PDIF digital I/O on RCA connectors. Analog I/O is available on balanced XLR connectors and unbalanced 1/4" connectors. Input gain to the A/D converter is adjustable from the Flying Cow's front panel and calibrated LED signal-level ladders aid in setting this gain for optimal dynamic range and signal-to-noise. A/D sample rates of 48, 44.1, 32 kHz and Word Clock are selectable from the front panel. The D/A circuitry will automatically lock to the sample rate of the incoming digital bit stream. And, the Flying Cow remembers all parameter settings even after power-off. With it's 20-bit super high sonic performance the Flying Cow, is the best choice not only for computer based digital audio needs but also as a dedicated A/D and D/A converter for all DAT recordings."