Then I want to know what happens when you are playing a game in 5.1 on your receiver and running 1080p to your TV from your Video card. I mean, are you missing anything over using analog from a standard soundcard?
More than likely the audio coming from the PC / game is stereo encoded, even though its connected via a digital connection (HDMI / TOSLINK / COAX) so when it gets to your 5.1 receiver the receiver either just plays the stereo through two speakers (left/right front channel) or it performs Dolby Pro Logic / DTS Neo:6 which "intelligently" distributes stereo audio across a 5.1 or 7.1 speaker setup.
You have to remember almost all music audio since cassete tapes (CD, miniDisc, IPOD) is still just 2-channel stereo encoded. SACD (Superior Audio CD) is the only multichannel encoded consumer audio CD and these cost like $30 which almost no one buys or even owns a SACD compatible player / receiver.
How about if you run Optical from your soundcard to your receiver. You get the same thing as analog just a different output method? I'm not talking about the quality of the DACs etc. I'm talking about the sound effects you hear, is there anything missing?
You get arguably a better / purer sound when using any digital (optical / coax) connection because you avoid the ADC / DAC analog to digital / digital to analog conversions.
You are correct, whether you use TOSLINK optical, COAX digital or HDMI digital it is more than likely just sending stereo LPCM audio across, unless it is a DVD, HD-DVD or Bluray.
You can also download .WMV movies which have 5.1 encoded audio as well as Quicktime .MP4 videos and now .MKV container files for things like H.264 video. (but these are obviously very large files)
Earlier this decade there were only a handful of PC games which even attemped to support multichannel audio (Half Life 2, iD Tech Games)but now Unreal Engine and DICE / Frostbite engines support multichannel encoded audio since multicore CPU's are powerful enough to do such things in realtime.
This is why I always hated Creative and EAX, at least until they came out with the Soundblaster X-Fi Titanium.
They purchased the speaker company Cambridge Soundworks and wanted to sell you not only the sound card but their propreitary connection to these analog speakers to get multichannel EAX encoded audio for PC games. Their sound cards did not support Dolby Digital or DTS since they probably didn't want to pay royalties.
The original XBOX and Playstaton 2 (as well as XBOX 360 and PS3) have supported Dolby Digital / DTS over optical TOSLINK for the past decade now. The SoundStorm audio chip in the PC listed in my sig was a very early attempt (2002) at what is now called Dolby Digital Live.