The ONE supports OTG so this should work.
I have an OTG adapter that will work for the ONE already (its for my moto xoom) and as I mentioned earlier in this thread you can pick up an adapter right now from amazon and/or fleabay for pennies. These adapters have been out for a long time so the cost is quite low. With an OTG adapter, you can attach more than just a memcard so it may be worth it anyway just to grab one..
Originally Posted by craftycarper
I know it isn't tested on the One yet, but does anyone see any reason why i wouldn't work on the One?