You're confusing "USB 2.0" with "high speed USB." While USB 1.1 had two speeds (low, at 1.2 Mbps, and full, at 12 Mbps), USB 2.0 adds a third speed (high, at 480 Mbps), but a USB 2.0 _device_ does not have to support high-speed transfers. However, note that a USB 2.0 _host_ must support high speed.
"High-Speed USB (USB 2.0) and Full-Speed (USB 1.1) compatible The UA-101 is the first multi-channel high-speed USB audio interface to offer basic compatibility with USB 1.1. When connected through USB 1.1, the UA-101 will function as a stereo audio interface at 44.1 or 48kHz with any Win98 or later PC or Mac OS 9 or Mac OS X computer. When connected to Windows XP computer running USB 2.0, the UA-101 offers the full set of I/O options to your computer."
What Edirol is saying is that if you connect the UA-101 to a USB 2.0 host (which, as noted above, must support high-speed transfers), then the device will do multiple channels at 96 kHz, as the device will enumerate as a high-speed device. However, if you plug it into an older USB 1.1 host, which doesn't support high-speed transfers, then the device enumerates using a full-speed configuration which only supports 48 kHz stereo. This happens because the USB spec allows a high-speed device to support an "Other_Speed_Configuration," the idea being that it's better that a device work with some reduced functionality in a lower-speed system than to not work at all.
-a