I have a Xonar Essence One on my desk for testing as well. There are a few driver suggestions I passed on to Asus / CMedia, but the device itself has worked well for me.
The 'Information' panel shows the exact same information as Chris's screenshot (7.0.11.5 driver, 1.27 firmware, 0111 audio chip firmware), so I'm not sure what might be different.
One little note is that by default, the CMedia drivers default to 16-bit, so if you want HD output, you need to do:
Options > Audio > ASIO > Output mode settings... > Open Driver Control Panel... and select 24/32-bit
I've asked ASUS to change this, as ASIO should not expose a bitdepth setting -- this is the playback software's job. Chris's screenshot shows the device asking for ASIOSTInt16LSB
The error that Chris is seeing means the driver keeps issuing ASIO reset requests (kAsioResetRequest). The only other hardware I've ever seen issue these at all is RME. It means we need to stop playback, close the device, and try again. We do this, but there's a safeguard to avoid an infinite loop on a device that _always_ wants to reset. So you see the error message when the safe-guard trips after more than 5 restarts in 5 seconds.