So I am getting a replacement, even the distributor agrees that the unit is defective. Bonus I appear to be able to keep the broken one (probably more trouble than its worth to return ship a $5 unit anyway).
Here is my work around.
Bust out the bus pirate (sparkfun v3 edition).
Black wire to pin 6 (gnd)
Brown wire to pin 8 (TxD)
Orange wire to pin 10 (RxD)
Set the bus pirate to do serial->ttl bridging - remember folks its 3.3v TTL so just wiring up a DB9 and jamming it into a usb/serial adapter wont work (commands for my bus pirate firmware, there are different versions so watch out "m 3 9 1 1 1 2 (0) (1)") The final macro is to do a "transparent bridge"
Alternatively you can use a (usb) serial->ttl cable like adafruit and others sell for cheap but I had the bus pirate and couldnt find my serial-ttl cable. Plus now I can say arrr and it has more blinky lights than a mere cable.
Set up ppp on the RPi
make sure that console=serial0 is not in your /boot/cmdline.txt file (or reference to ttyACM0)
cheap method to ensure it always works - edit /etc/rc.local to call a script which basically just does
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stty -F /dev/ttyAMA0 raw
stty -F /dev/ttyAMA0 -a
/usr/sbin/pppd /dev/ttyAMA0 115200 10.0.1.2:10.0.1.1 noauth local debug dump defaultroute nocrtscts persist maxfail 0 holdoff 1
Now anytime the RPi is powered up (at the end of the boot sequence) it will try to do serial PPP via the UART.
On the desktop
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sudo stty -F /dev/ttyUSB0 raw
sudo pppd /dev/ttyUSB0 115200 10.0.1.1:10.0.1.2 proxyarp local noauth debug nodetach dump nocrtscts passive persist maxfail 0 holdoff 1
# lets set up NAT quick and dirty so the RPi can get out to the intarwebz
echo "1" | sudo tee -a /proc/sys/net/ipv4/ip_forward
sudo modprobe ip_tables
sudo modprobe ip_conntrack
sudo iptables -t nat -A POSTROUTING -o eth0 -j MASQUERADE
instant painfully slow networking. Its like a nostalgic flashback to when ISDN was all the rage and DSL didnt exist. You should be able to go much faster than 115.2k but I have to reset the bus pirate to change it so I left it for now. Cable length and RFI are going to be some big killers, clock rate is also a parameter that likely has to be tuned a bit to crank out more speed. 115.2k is safe, reliable and should work with just about anything out there but then so should 4 times that speed.