The AE by far. I have an SBLive! Value....the AE has better sound quality and more features (Digital I/O and QMSS would be my two favourites), it also has full support for EAX and A3D 1.0 so it is at least as good in games as the SBLive!
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I never heard of philips.. >>
How is that possible???? They are relatively new in the sound card market I suppose...but they are one of the biggest electronics companies on the planet. They are up there with Sony. Every heard of SPDIF? Sony
Philips Digital Interchange Format. Sony and Philips also co-created the CD...philips is a HUGE company man...and they bring their expertise in audio equipment over to the PC.
Creative will sell on brand recognition, but feature to feature there is no comparison.

I'm sure creative will come out with something new...eventually....and the SBLive! is not a *bad* card by any means, as I said I use one myself. But it has a hard time competing with the AE, or even the Vortex2. Unfortunately Creative can't just buy out Philips like they did Aureal.
(conspicuous by it's absence is the Turtle Beach Santa Cruz, I've never heard one, and for stuff like this reading reviews can't really tell you whole story so I won't comment on the 'Cruz)