I tested the VIA AC97 sound codec CPU utilization on my KT133A rig with AudioWinbench 99 and it showed the maximum CPU utilization was 1.5%, average - 0.5 -- 0.9%. And that with a Duron.
The same results (a bit higher, around 1.5 -- 2% max) were obtained with Avance Logic AC97 codec on my i815E-B rig.
Thus, I'm pretty sure an AC97 codec stresses the CPU much less than stand-alone cards b/c the CPU doesn't participate in the sound processing at all. This logic is built into the southbridge, thus sparing the CPU from extra calculations and PCI transfers.
Of course, the sound quality may not be great, I haven't noticed it, though, but it's more than sufficient for me for any mp3s, music and an occasional game b/c I'm not that much into sound and I naturally won't bother getting a separate sound card.