Works, however requires a step i.e. pegasus kernel module loads. This needs to be blacklisted so it wont load. If this is not done the bluetooth kernel module will not work. To do this put: blacklist pegasus into /etc/modprobe.d/blacklist by issuing the following commands as root:
echo "Belkin F8T012 Compatibility Blacklist" >> /etc/modprobe.d/blacklist
echo "blacklist pegasus" >> /etc/modprobe.d/blacklist

Hope this helps.

Regards,
LinuxCode

This bluetooth usb dongle works with ubuntu (tested on hardy heron) but i had to blacklist the "pegasus" module otherwise it was detected as an ethernet adapter.

So before to plug the dongle, add the following line in /etc/modprobe.d/blacklist :
blacklist pegasus

then you can plug your dongle