NCtech, I plugged it in and it wasn't detected at all. XP has special drivers for most USB <-> serial converters. I tried with both the native XP drivers and 3rd party drivers for the converter.
Kiwiguy, You've head it right on. Although I had major issues in getting the USB <-> Serial cable to work I did get the PCMCIA to work more effectively. But as you noted not all external hardware will work with Virtual Serial Ports.
The serial ports created by PCI and USB based adaptors are virtual serial ports. This means they can only be access through the operating system. If your software/hardware requires a specific IRQ and Address for the port, it is unlikely to work. However, if the software/hardware accesses the ports through the operating system, then it should work.
This may be the issuse with GPS units, as the communication needs to be via a specific IRQ and address for the port. I haven't as yet tried the PCMCIA Serial on any of my hardware firewalls, routers or manageable HUB's yet. Will do that next week sometime.
Best solution for the future, make sure your laptop has a serial port