Well, from what I've read, the limitations on the PCI 512 are software-imposed and they only affected MIDI polyphony anyway. It still uses a full EMU10K chip, so it's definitely better than the SB0200. I don't have either, so I can't test them first-hand.
I do have an SB0220 with the full functionality and I wasn't too pleased with it. Maybe it was because I couldn't find VXD drivers for it and by the time I figured out they were on the driver CD all along (D'oh!), I already had been given a crapload of SB Lives and 2 Audigy 2 ZS cards.