I recently bought a EPoX EP-8KTA2 motherboard, which also has the onboard VIA PC97 audio. My plan all along was to disable it from the start and get a Live! Value, but then I decided to at least TRY it first. I must say it's much better than I thought! I have had absolutely no problems with quality or compatibility. (That being said, I am not using, or have even tried, the Soundblaster legacy mode.) Even the built in hardware "3D stereo effect" works great. I don't know, maybe onboard sound is better these days!
On a side not though, I'm having a problem with my Sidewinder gamepad and the gameport (it intermitently disconnects and adds multiple cpl instances). I don't know if this is related to the soundcard or not. I just installed the newest VIA Audio and MB drivers, so it may be fixed already.
Mike