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I am running ubuntu 8.1 host and a windows XP guest. I need access to a smartcard reader in the windows guest. Smartcard reader is recognized in host and worked flawlessly in virtualbox 2.1.0 with a filter (O2 Micro CCID SC reader [0110]). After upgrading to 2.1.4 all USB devices are greyed out and unavailable in the guest. I have been thru the FAQ/Wiki and google threads extensively. I've tried the following three /etc/fstab mods independently and with reboots.

1: "none /usbfs usbfs rw,devgid=126,devmode=664 0 0"
2: "usbfs /proc/bus/usb usbfs auto,busgid=126,busmode=0775,devgid=126,d, evmode=0664 0 0 boot.local: mount usbfs"
3: "none /sys/bus/usb/drivers usbfs devgid=126,devmode=664 0 0"

lsusb shows the following:
Bus 005 Device 006: ID 0b97:7762 O2 Micro, Inc. Oz776 SmartCard Reader
Bus 005 Device 005: ID 0483:2016 SGS Thomson Microelectronics Fingerprint Reader
Bus 005 Device 004: ID 413c:8103 Dell Computer Corp. Wireless 350 Bluetooth
Bus 005 Device 003: ID 0b97:7761 O2 Micro, Inc. Oz776 1.1 Hub
Bus 005 Device 002: ID 413c:a005 Dell Computer Corp. Internal 2.0 Hub
Bus 005 Device 001: ID 1d6b:0002 Linux Foundation 2.0 root hub
Bus 004 Device 001: ID 1d6b:0001 Linux Foundation 1.1 root hub
Bus 003 Device 001: ID 1d6b:0001 Linux Foundation 1.1 root hub
Bus 002 Device 001: ID 1d6b:0001 Linux Foundation 1.1 root hub
Bus 001 Device 001: ID 1d6b:0001 Linux Foundation 1.1 root hub

Baring any fix in 2.1.4, is it possible to return to 2.1.0?

You can go back to 2.1.0, but the XML file structure has changed since then (it changed when going to 2.1.0, and after the upgrade to 2.1.2). So you should have a backup, else note all the settings, revert to the older version and restore the settings by hand. You probably need to recreate the VMs like that, and attach the existing VDI files. It's a bit of a pain if you use snapshots, but with some extensive comparison, you should be able to get that working too.