Could be.

I don't know much about what's out there in the way of toslink, but I did come across this glass cable from Sound Professionals that seems reasonable ($50 per meter): http://www.soundprofessionals.com/cgi-bin/gold/item/SP-TOC-99HQ

And here's a review from an audioasylum poster that really seemed to like it: http://www.audioasylum.com/audio/general/messages/233584.html
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Outlaw 970
McCormack DNA-125 (mains), Emotiva LPA-1 (surrounds)
Quad 11L (F&C) Wharfedale (R) LFM1 (Sub) w/ SMS-1
Squeezebox -> Behringer SRC2496 -> Musiland MD10 DAC
Sota Sapphire; Marantz 10B;
Video: Hitachi 42HDS52A; Oppo 971H
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