Nothing really wrong with SPDIF -- i guess its more a matter of what I/O makes sense for a particular application.
A single SPDIF input or output can handle 2 channels worth of audio per connector... It's also \"unbalanced\", and as such it is susceptable to interference that in the end could result in jitter or an otherwise \"noisy\" signal.
Alot of digital outboard gear, from synths to pre's like your TwinTrack, are stereo units... as such, a single set of SPDIF i/o makes sense to get in and out digitally. The only other option -- the 2 channel optical i/o (similar to the ADAT Lightpipe) -- has pretty much been kept soley within the consumer \"hi-fi\" market.
Most multi-channel audio interfaces/converters opt for an ADAT lightpipe style interface, since each plug receptacle is capable of handling 8 channels of audio. Nowadays ligtpipe is cheaper to implement than a bunch of SPDIF i/o's, plus it takes up less space and requires less cable connections. Lightpipe (run through a decent cable) is also probably a little less susceptable to most forms of background interference because light, rather than voltage, is being carried through the cable. The SPDIF i/o on most interfaces is probaby just there as an afterthought to allow connections to other SPDIF equipment (remeber this format was one of the only options in the early days of digital audio), not as a primary means of getting signal in and out...
Upscale interfaces and converters sometimes use the AES/EBU standard for getting in and out of the unit -- these are the ones that look like XLR mic i/o's... This is basically a balanced version of SPDIF, as such it can have longer cable runs without signal loss and is overall less susceptable to interference and noise (think guitar cable versus mic cable analogy).
not sure why newer syths don't have em'... Alot of newer synths may be able to route signals to multiple outs -- in that case lightpipe would make more sense? And some may drop them in lieu of USB connections to interface directly to a computer...
If patching different kind of digital I/O is gettin ya down, go to
http://www.z-sys.com and check out their \"Digital Detangler\" product line. Not cheap though...