Well, I have the pleasure of using two of this chip, one built-in to my Asus A7M266D, and the other is on a Zoltrix soundcard. The Zoltrix card is especially handy having it's coax digital and optical digital in/outs... Not only can it record and playback PCM audio streams up to 48kHz, it can also cross-connect the two, making the card into a coax->toslink and vice-versa converter.
I'm going to give you guys a slightly different view into this card. Under Linux, it is probably the best-supported soundcard today. ALSA has the full support and backing of CMedia Inc., with complete access to tech specs. For support under Linux, it blows the Live/Audigy out of the water.
Now under Windows, as I under stand it, the CMI8738 cannot decode/encode DD5.1, unlike the Live 5.1 and Audigy. It can, however, create 5.1 surround sound on it's analog audio jacks. The Live and Audigy have their own processor to handle the audio positioning (EMU10k1 or 2), whereas the CMI8738 utilizes the host CPU. Does this make a difference? Maybe if you're looking for that last 10 points in 3dMark2001. Otherwise, I don't care. To me, the price difference (significant) more than makes up for the performance difference (negligible). I'd rather spend that extra $50 or so and upgrade my processor or RAM or whatever is lacking at the moment.