There was also a similar thread on Amazon.
I never did get a chance to try it out as my network scanning needs have diminished somewhat, but helpful DocumentSnap reader Yellowshock posted a comment on the original post that I thought I would highlight:
Maybe this post is stale but YES, you can use the F5L009 with the ScanSnap S1500(M) and there are no problems. There is a slight loss of speed, but hardly noticeable.
I use the Belkin F5L009 on a iMac 27″ with Mac OSX 10.6 snow leopard and a Fujitsu Scansnap S1500M.
I also have a Epson Photo flatbed scanner connected, the 1660 photo. Also flawless.
There is a similar response in the Amazon thread.
So, it looks like yes it does work. Does anyone else network their ScanSnap using this or another method? Let us know in the comments in case someone else is looking to do it too.