My 2 cents to the debate, but I assume there is nothing new to add... I compare USB and SPDIF from the way how they are constructed and how they operate.
USB in general requires a Processor to operate, and that require memory, or at least cache which acts as a buffer. In the past, the processor was usually CPU of a computer, more modern devices are using processor in the USB interface and devices as well. Also from what I have learned about modern USB Sound cards and DACs, this has become very common.
SPDIF interface is in contrast very simple, and does not require processor (x86, x64 or ARM or other common architectures) and data are rendered from output and presented to the DAC in a very raw form.
Problem with older USB interfaces was that they relied way too much on computer CPUs. That could produce noticeable jitter or distortion simply because CPU was running low on resources. Now much of the work is offloaded to the processors within USB interface and within the device itself, and since computer CPUs have a lot more performance to offer, so the negative effects are long thing of the past.
In this regard, SPDIF wasnt developed that much since, but DACs were. From my understanding full support for 44.1, 88.2, 48, 96 and 192 KHz is a MUST for any DAC and sampling rate conversion should not occur. Also there should be large enough buffers in the DAC to process all the data without overflows.
Reasons for me to use specifically Toslink are lower CPU utilization (according to LatencyMon, the driver appears to run smoother) and filtering out all EM noise from the PC (in my case there is a lot of it even in 20hz-20khz spectrum).
According what I have read about DACs (post 2000) i am quite surprised that sample rate conversion can still a problem, but I am not surprised that USB became a choice for people who use computers as an audio source.