yeah, it seems to work fine but does just ignore the higher bits. from what i've read about the spdif protocol it always transmits at 20 bit. if the signal being sent is at 24 bit the higher bits are ignored. if the data is sent at 16 bit it is zero padded up to 20.
i am trying to send data from my FantomX to my MPC via spdif. The internal sample engine on the FX is 16/44.1 but it outputs at 24/44.1 via the spdif out. so, what it sounds like is that i have a 16bit sample which is dithered up to 24bit and then 4 bits are dropped on the way to the MPC where it then removes more bits down to 16.

i take it the MPC 1k has no dithering algorithm to nicely reduce samples back to 16/44.1.
I have done a few tests and everything seems to work pretty well. I'll try and get some more complex samples and see how it sounds but so far sending drum loops over works fine - the bpm stays correct (verified on both sides with bpm counter in Logic). sending over note tones stays on pitch (checked with a digital tuner on both sides in Logic) it doesn't sound bad in any way...but like I said, those are pretty simple tests. More complex tones with more frequencies would probably give a better indication of what is going on.
Is anybody else using a Fantom X with their MPC1000 via SPDIF? Anybody using any device that claims to output at 24bit over SPDIF with the digital in on their MPC1000?