There's still nothing wrong with USB 1.1, but for anyone who wants more than two channels of 24-bit/96kHz audio, the extra bandwidth of USB 2.0 is mandatory.
Until recently, there were relatively few USB 2.0 audio interfaces available to musicians (Edirol were one of the very few manufacturers with any on offer), but this situation finally seems to be changing, with new models from Emu and Tascam emerging over recent months. The selection of USB 2.0 interfaces widens with the launch of these new models from Tascam.