My M-Audio Delta 44 is FULL duplex. And can multi-track just fine. You need an external microphone preamp to feed that particular card, and an external headphone preamp to monitor the stuff you're tracking too, but yes it can be done. The 1010 is supposed to be a beefier version of the same or similar. I think they all share the same or similar audio chip ice1712 or ice1724 or something like that. Works fine in linux too, baring some pulse audio misconfigurations.
Short answer: It should work just fine.