Thanks, GMaq, zjat you keep on trying to solve this!
The new version will definitely be worth a try. Looking forward to it!!
In the meantime I tell you what I tried, if you don't mind.
Using ALSA without Jack, I reported above Audacity starts recording for about half a second but then plain stops while still in record mode. I plugged in a guitar and found out that during this short amount of time the US-122 signal is actually recorded. I can playback over the Intel HDA sound card and the recording is without noise or stuttering.
I think this must be an ALSA problem. I blacklisted the internal sound card in case the devices would conflict in some way but that didn't help.
BTW, the internal sound card works flawlessly, recording the internal mic, the MIC IN jack (Guitarix makes fun

), and playback over the speakers and the headphone jack.
Can you try the US-122 using the AV Linux LiveDVD or LiveUSB? It would be interesting to see if it works properly with the LiveDVD, anything that works on the LiveDVD should work on an install and the fact you had an installation problem may indicate a bad download or burn of the ISO in the first place.
In fact, yesterday I burned another DVD from the torrent sources, because the first one was from FTP download. I even checked md5sums with the 2nd DVD, but the behaviour of the US-122 was the same with both Live-DVDs. At the first Live-DVD try, I thought the US-122 problem would have been a minor issue that could be fixed once installed as everything else worked without any fiddling. I tested the onboard sound and also plugged in a USB midi keyboard and was able to make it work with the soft synths.
I've been using a US-122 with JACK on Linux for years and one thing I've found is they are not low-latency devices at all, At settings less than 512 fpp and with less than 3 buffers US-122 will make crackly static noises even if no xruns are reported by Qjackctl, I love mine and use it all the time but unless I use it at 1024fpp with 3 buffers it is unstable and will randomly disconnect and cause issues with Ardour and Mixbus, if use the settings I mentioned it will run all day long with no problems at all.
I observed that too, it's not superfast, but it sounds well. I left Jack aside and concentrated on ALSA because this is the basic function.
I'll keep you updated if I can get it finally to work or if Vers. 6 works better for me in this regard. If the US-122 permanently fails I guess I have to look elsewhere but so far I like AV Linux and its underlying philosophy.