Since new games and engines don't use EAX it is effectively...dead. Unless you can show me where you need an XFI card to get environmental audio in a specific title? Unreal engine 3 uses EAX, but is natively OpenAL so you actually get the same effects even without a creative sound card. It's no longer necessary, OpenAL even being software based works great with today's CPUs. Running from your video card should be no issue either. Remember back in the day you checked a box to turn EAX on and off? That's gone. EAX is proprietary, and you have to have a creative soundcard to use it(I think they had an enulator for some dell laptop though). I never said multichannel audio is the same as EAX, I dunno where you got that from.
I know all about Alchemy...used it for a few games before.
Here's a little snippit from something I just read. If I'm reading it right, Creative expects developers to abandon EAX and use OpenAL's EFX.
"According to Creative's OpenAL 1.1 specification, EAX should be considered deprecated as a developer interface. New development should use OpenAL's EFX interface, which covers all the EAX functionality and is more tightly coupled with the overall OpenAL framework."