I've done a lot of spdif and audio stuff.
wolfson 8804 and 8805 are nice receiver/transmitter chips. a bit strange in software mode but easy to use in hw based mode. uses a FIFO inside to lower jitter (or, raise it, if you happen to be below the chip's jitter level).
the 8416 is high jitter on input, but it has some nice points (select of 4 inputs even in hw mode).
AK has very nice chips (I have yet to use them but I have samples waiting to be explored).
my current project, in fact, is an spdif switch using the wm8804 (for repeating/shaping) and something else as a front end to it, for input selection (the 'switch' part). output is spdif but there's also i2s if you need that.
you can buy a demo 2in 2out wm8804 board from ebay for about $20 and you can try it out easily and cheaply.
here's mine decoding an 88.2 sacd audio file:

I'm sending wordclock into the freq counter (part of my project is to send WC into the arduino and have it display the samplerate on the selected input. in fact, that part is done and working:

button selects input, led display shows the input 'name' and the number on the far right is the freq-counted samplerate, all done on the arduino nano (on breadboard). even has IR remote for display dimming/blanking and input select.
no software to the chip, though; its in pure hw mode and is simply just giving me wordclock, plus I'm doing input selection via a temporary hack. its just an early proto, afterall

I like the wolfson chips, overall. this one can receive, transmit and give i2s out all at the same time. the output spdif is FIFO'd and so has lower jitter (likely) than the input signal.