Yes, each slave would have to have a separate interface, and then your main DAW would have an interface (probably PCI) that has lots of digital inputs. Note that MIDI-over-ethernet (either Musiclabs MIDI Over LAN or the built-in Network MIDI in OS X) works fine - it's just audio that's still not there.
I have a MOTU PCI-424 card with a couple of their boxes on my main DAW, and Frontier Designs Wavecenter cards (cheap, ADAT and S/PDIF I/O only) on my Windows machines. Actually, I ended up buying another PCI-424 card for my slave G5 too, since I had an extra one of their boxes on my G5.
People say the RME cards have more efficient drivers these days, so I'd take a look at them if I were starting over. But the Wavecenter cards are very reliable.
I have a MOTU PCI-424 card with a couple of their boxes on my main DAW, and Frontier Designs Wavecenter cards (cheap, ADAT and S/PDIF I/O only) on my Windows machines. Actually, I ended up buying another PCI-424 card for my slave G5 too, since I had an extra one of their boxes on my G5.
People say the RME cards have more efficient drivers these days, so I'd take a look at them if I were starting over. But the Wavecenter cards are very reliable.