I'll have to try some things here. The way I got mine working was the unplugging routine, and that has worked for others too... I'll experiment a bit
Hold on....
Hmm. My reader now works even if the reader is already plugged in and I plug the card in later, tho I'm using the 2.6.8.1 kernel and not using any automount as I don't like it much (I'm from the old days

)
I have a /etc/fstab entry like:
/dev/sda1 /mnt/removable auto umask=0,user,noauto 0 0
as I know the cf card in the reader usually ends up as /dev/sda1 . With kde it just puts an icon for the device on the desktop and I can mount and unmount it there... The device is usually /dev/sda1 or /dev/sdb1 - you can get info from dmesg to see the device name
So I don't know why mine works and your's doesn't... Might be the newer kernel as I used to have problems with earlier kernels...