It looks like some models supported Firewire charging as recently as 2009, but no models since 2006 or so have the ability to sync media over Firewire.
While there are (too) many ways to setup multiple iDevices on the same machine, the simplest way and most headache free is having a single account on all devices synced to the same machine. That way you can sync everything everywhere easily.
If you want to have separate accounts, set separate users on the machine and then you can setup different iTunes/Apple accounts on each computer user. But that will give issues with syncing contents. Apple is not very good with sharing content with other people - but they're trying to get better on it at least with family members.
It's probably M-Audio covering for shoddy manufacturing. FireWire is designed to be hot-pluggable. You should be able to plug and unplug at any time with no issues.
And regarding the thread: not yanking cables at an angle is general good advice, whether they carry power or not.
Best Answer
This is a Firewire 400 to iPod 30-pin adapter.
If you have an older iPod, you may be able to sync and/or charge it via Firewire. This site has an exhaustive list: Which iPods can sync and charge via USB? Which iPods can sync and charge via Firewire?
It looks like some models supported Firewire charging as recently as 2009, but no models since 2006 or so have the ability to sync media over Firewire.