@Doc H:
Huh. That you can't ping it is inconsistent with the status report, unless you're hitting the 'failed to set usb0 ip, this is bad' error at boot time (not that this should happen, but, still).
What happens if you try to toggle it via KUAL?
You could try uninstalling USBNet, manually wiping the usbnet folder, and reinstalling the latest snapshot, and see what happens.
In any case, having a look at some system logs might also be useful (search for
;dm in the Homescreen's search bar), if you could PM me those

.