This doesn't help, but this is what I experienced:
What is with Windows ME and USB problems? Despite upgrading drivers/bios/whatever...
I also have a Belkin 4-port USB hub running on Windows ME. For a while all my USB devices installed and worked well (Epson 777 USB, Gravis USB Gamepad, iXLA 640x480 cheap digital camera, UMAX USB scanner).
Since reformatting and reinstalling ME (after unexplained lockups), I can only get the camera to work, and the scanner works only with certain software (ACDsee - aquire option, but not with the included/updated VistaScan software). The printer and gamepad can't be found at all whether they are connected to the hub or to the ports themselves.
I should have went back to Win98SE..