SPIF data and AES/EBU data are largely, but not completely, identical. What is different is the voltage and impedance, the AES being, I think, 2V and SPDIF being around .5 - .7 V. AES has a characteristic impedance of 110 ohms, while SPIF is 75 ohms. If you plug one into the other through an adapter it will work but won't sound as good due to reflections back and forth within the cable.
Every time an ultra high frequency electrical signal encounters an impedance mis-match in its path part of it is reflected back and part goes through. If you have a mismatch at each end, which I gather is more common than we would like to know about, the signal is reflected back and forth a number of times before it dies out. Each time it reaches the connector some goes through and some gets reflected back.
Apparently this can cause confusion in the receiving D/A converter as it is receiving multiple word clock signals and has to "sort out" the valid from the invalid. These multiple word clock signals are called "timing jitter" and tend to degrade the sound. The better the D/A, the more immune to jitter. This is actually one of Benchmark's (a pro D/A converter) claims to fame - the ability to deal with very jittery signals. Benchmark used to say save your money - buy the cheapest digital player with a digital out and thier converter.
I know this explanation probably has technical inaccuracies in it, but I think it is roughly correct and is basically as much as I want to know about it. My brain's already nearly full.
By the way, if you have to send digital signals over a long distance, the best system is AES converted to 75 ohms with a BNC connector. Read about it here:
http://www.pcmag.com/encyclopedia_term/0,2542,t=AESEBU&i=37583,00.asp