With digital audio, timing is everything...BUT it is not so grave as the 'modders' would have you believe. With s/pdif the clock signal is inherent in the data itself. You have to consider that even if the timing is off a small bit, how audible is it?
Everyone loves to talk about 'jitter' but in most cases it is a non-issue. If you think you can hear the difference between 30 and 50 picoseconds of jitter then no digital audio system in existence can satisfy you. For those not familiar with the terms, a picosecond is 1 trillionth of a second!.
For comparison, it has been shown that most people cannot distinguish between two pure tones at different levels unless they differ by at least 6 milliseconds. 6 milliseconds is two orders of magnitude greater than the typical jitter performance of even the cheapest cd players...so take from it what you will...