Yeah... the "sound card industry" as it exists today is basically divided between pro-audio equipment, would-be-Hi-Fi and the rest.
There was a brief period in the late 90's and early 2000's when a good sound card was the amalgamation of a few key characteristics:
* High-quality analog audio output
* Hardware mixing
* Multi-channel support
* 3D audio processing
* SoundFonts or other sample-based high-quality MIDI implementation
* Backwards compatibility with legacy audio applications
Because most of us had analog speakers or headphones, the digital-to-analog sound quality of your card really mattered back then. Not so much today, since we've basically moved the DACs to our audio gear (speakers and headphones). Even the shoddiest motherboard audio card will give you perfect quality thru the digital output.
Multi-channel and 3D audio were all the rage with Aureal taking a clear lead in positioning and realism of sound. What made Aureal a big deal was that they did for sound what 3Dfx did to 3D-rendering: they made it possible by taking the load off the main CPU. Though I generally dislike Creative, I have to state that EAX was also a good idea and the effects when executed on SoundBlaster Live! did sound fairly impressive, even if the card was inferior to competition in other ways. Hardware EAX could have complemented A3D in a nice way, had the two met.
Backwards compatibility usually meant SoundBlaster emulation for legacy games. Other than the FM-synth/AdLib, for the most part the emulation worked on almost all cards quite flawlessly and today is essentially a moot point.
With the death of Aureal the only thing that would make a difference today, namely hardware driven audio engines ceased development and coupled with the fact that analog-to-digital conversion has moved to our amps/speakers/headphones, there really isn't a market for discreet sound cards any more for people other than audio professionals (need those extra jacks and low-latency) or nerds with analog equipment. For the average joe, any card on the market is now good enough. Even the lowliest built-in audio chips do their jobs just fine, given that any special audio effects are now essentially done in software and run on the main-CPU once again.