Interesting. I thought I disabled Pulse, but it turns out it was still running. In Fedora 20, pulse is called directly by KDE at startup, so a bit more work is needed to disable it.
Disabling Pulse fixed the problem I had with mutes in KMix, and changed the available settings in Phonon.
Here's what my phonon looks like now.
It makes more sense now, but my digital out is not listed, nor are the direct hardware devices...