The drive is recognized, but EIII writes and reads only disks with 128, 256 and 540 Mb capacity. 640 Mb disks are not recognized, since their sectors size is different, something like that. Didn't try with Emax II yet.
I would also like to thank Esynthesist for his Emuser and the EMXP software, I just bought the Emax I SE rack + Emuser for ~200 euros (ha-ha-ha!), and the whole system works flawlessly. Thank you, Sir, for your admirable work! You literally bring the E-MU magic "to the masses"!
Cheers from Moscow!