Just my $0.02c....
tjaoz is quite correct, red's hack is beyond PCI specifications.... the timing constraints are such that trace lengths, particularly like that patch cable, are going way beyond spec.
However, that's not to say that such a system won't work. PCI card manufacturers will allow a certain tolerance otherwise they'd get truckloads of returns, so as with many things of this ilk, YMMV. Some cards will work fine, others won't like it at all, probably... but it's still way better than nothing, especially for A3K owners.
Incidentally, not only do I not work for Elbox, but I'm also the proud owner of a A4K (towered!) Prometheus/Voodoo/RTL8029 set up which works perfectly, and I'd have no hesitation in recommending the Prometheus to anyone.
Congrats to redrumloa - I think you've probably just helped Matay somewhat!