My setup was: Router <--> USB-Hub <--> SD Card Reader <--> SD Card
I used the hub bus powered, since all the usb components should draw less than 500 mA. And all worked quite well in over 99% of the time. It is just that due to the long uptime, you will catch some unlikely events, like the mentioned EMI issues (sometimes seen when connecting another device on the same power line).
To sum it up: I have already seen the behavior, when the overlayed root filesystem gets temporarily disconnected: it still stays mounted, since there is still activity/open files. As a result, /dev/sda1 (my extroot) is not released and during reenumeration the flash drive got named /dev/sdb1.
What I have not yet seen is the behavior, when swap suddenly disappears.