I read the USB MIDI specification:
http://www.usb.org/developers/devclass_docs/midi10.pdfIt is a bit bloated and difficult to read, as most of the time with USB specifications. And it doesn't make sense for me that there are "virtual MIDI cables", because USB allows compound devices, where each device could be a MIDI interface, so this is redundant for me. And then there is the code index nibble, which says what MIDI message follows. Well, the MIDI message itself does this very nicely, so redundant as well.
Ok, enough ranting, this is what is sent on the bulk channel when I send a note-on message:
09 90 01 64
The first byte is the code index nibble 9, and virtual cable nibble 0. Then the MIDI message follows.
For the EOF SysEx message this bulk packet is sent:
04 f0 7e 64 07 7b 00 f7
The code index 04 says "SysEx starts or continues". Then the first 3 bytes of the SysEx message follows and then a new code index 07, which means "SysEx ends with following three bytes". I guess the cheap adapters just ignore anything after the first 3 bytes.
I can't find any flow control in the USB MIDI specification. My adapters are using USB Full Speed (12 MBit/s). Because it is a bulk-endpoint, there is no speed limit as known from the control-endpoint used e.g. for HID. Would be interesting to see what the adapters do when I send with max USB speed

But on a lower level USB devices can send NAKs to temporary stop the transfer from the host.
If they still make the MIDI to Joystick cables, I wonder if you could run it through a USB to Joystick cable? (Assuming all else fails)
Probably only the joystick signals are connected, because most users don't need MIDI.
In the very old days ('84?) - I converted normal DOS PC ISA serial ports to MIDI by exchanging the crystal to hit the right baud rate - worked fine. The opto isolation is not needed for "1-1 hack setups" - and is there first of all to enable hot-plug of instruments for drunk musicians and 2nd to minimize potential ground loops.
I wrote a whole driver lib for "serial midi" and a sys-ex editor/midi sequencer on DOS in Turbo Pascal. It was published in the Danish magazine "Circuit Design" with lists of compatible serial cards with appropriate warnings 
Nice. Sometimes I wish PCs were as easy as in old days. Soldering a 1 MHz crystal instead of the 1.8432 MHz crystal to a ISA serial card, and you have perfect 31,250 Baud MIDI. And no complicated protocol on top, just an "outp" command in assembler to send a byte.
I'll open the adapters when I have some time to see what's inside, and update the article on my webpage.