USB keyboard/mouse combo appears to work fine on my snowball  (V2).

Linux linaro-ubuntu-desktop 3.0.0-1000-ux500 #0-Ubuntu SMP PREEMPT Wed Sep 28 07:49:32 UTC 2011 armv7l armv7l armv7l GNU/Linux

Bus 001 Device 002: ID 0e8f:0020 GreenAsia Inc. USB to PS/2 Adapter
Device Descriptor:
  bLength                18
  bDescriptorType         1
  bcdUSB               1.10
  bDeviceClass            0 (Defined at Interface level)
  bDeviceSubClass         0 
  bDeviceProtocol         0 
  bMaxPacketSize0         8
  idVendor           0x0e8f GreenAsia Inc.
  idProduct          0x0020 USB to PS/2 Adapter
  bcdDevice            2.80
  iManufacturer           1 GASIA
  iProduct                2 PS2toUSB Adapter
  iSerial                 0 
  bNumConfigurations      1
  Configuration Descriptor:
    bLength                 9
    bDescriptorType         2
    wTotalLength           59
    bNumInterfaces          2
    bConfigurationValue     1
    iConfiguration          0 
    bmAttributes         0xa0
      (Bus Powered)
      Remote Wakeup
    MaxPower              400mA
    Interface Descriptor:
      bLength                 9
      bDescriptorType         4
      bInterfaceNumber        0
      bAlternateSetting       0
      bNumEndpoints           1
      bInterfaceClass         3 Human Interface Device
      bInterfaceSubClass      1 Boot Interface Subclass
      bInterfaceProtocol      1 Keyboard
      iInterface              0 
        HID Device Descriptor:
          bLength                 9
          bDescriptorType        33
          bcdHID               1.10
          bCountryCode            0 Not supported
          bNumDescriptors         1
          bDescriptorType        34 Report
          wDescriptorLength      62
         Report Descriptors: 
           ** UNAVAILABLE **
      Endpoint Descriptor:
        bLength                 7
        bDescriptorType         5
        bEndpointAddress     0x81  EP 1 IN
        bmAttributes            3
          Transfer Type            Interrupt
          Synch Type               None
          Usage Type               Data
        wMaxPacketSize     0x0008  1x 8 bytes
        bInterval               8
    Interface Descriptor:
      bLength                 9
      bDescriptorType         4
      bInterfaceNumber        1
      bAlternateSetting       0
      bNumEndpoints           1
      bInterfaceClass         3 Human Interface Device
      bInterfaceSubClass      1 Boot Interface Subclass
      bInterfaceProtocol      2 Mouse
      iInterface              0 
        HID Device Descriptor:
          bLength                 9
          bDescriptorType        33
          bcdHID               1.10
          bCountryCode            0 Not supported
          bNumDescriptors         1
          bDescriptorType        34 Report
          wDescriptorLength     130
         Report Descriptors: 
           ** UNAVAILABLE **
      Endpoint Descriptor:
        bLength                 7
        bDescriptorType         5
        bEndpointAddress     0x82  EP 2 IN
        bmAttributes            3
          Transfer Type            Interrupt
          Synch Type               None
          Usage Type               Data
        wMaxPacketSize     0x0005  1x 5 bytes
        bInterval               8
Device Status:     0x0000
  (Bus Powered)