I couldn't figure out how to compile it for the stock Ubuntu kernel so rather than messing with it I just downloaded and compiled my own 188.8.131.52 kernel. It works, but there's some caveats on getting there:
The makefile doesn't like the new versioning scheme. I just hotwired it not to complain about an unsupported kernel.
No matter where I put the firmware (/usr/lib/hotplug/firmware or /lib/hotplug/firmware, etc.), hotplug always tells me it can't upload the firmware (zd1201.fw), with error -2, which I understand means it couldn't find the file. Very strange indeed, but what is more strange is this: if I put the card in, let hotplug fail, rmmod zd1201 then modprobe zd1201, it works great.