It's a normal sound card. I had one years ago. No complains, but also nothing to write home about. It does EAX emulation on the CPU, which I never used. It's not for DOS games or MIDI or anything. Just... a sound card. It plays digital audio, and that's it.
Edit:
I think the drivers also install a soft synth with soundfont support, so it might be somewhat useful for MIDI games. I don't remember ever using it since there's better soft synth software out there.
In case it's not obvious: this is not a "Live!" card, even though it has "Live!" in the title. There's no Emu processor on it. Just a simple digital audio codec, similar to what you find in on-board audio on mainboards.