Brad: thanks for that. I didn't know the EMU 1212M had a different DAC than the 0404 series - I don't know how convinced I am that the 1212M is audibly any different, but it will make for some interesting listening tests if I ever get my hands on one.
Also, the info on the website for the 0404 series is kind of strange, because I know people who have confirmed AK4395 chips on their USBs, and people with AK4396's in their PCIs. I don't think it actually makes a difference though, as asahi-kasei's website shows no difference in THD or SNR between the two chips.
Plus, when EMU updated the 0404's to have the 4396's (as opposed to the 4395's), they didn't change anything else on the actual unit besides the chip, which leads me to believe that they only did it because the 4395's were being discontinued or otherwise cut off from EMU, so they used the updated version of the chip. This would explain why my PCI version has the 4396's, but again, asahi-kasei's website shows no actual differences in DAC performance (the only difference is a potentially higher clock speed in the 4396, but for one I don't think that the 0404 uses it due to the rest of the unit being the same, and also I don't think the higher clock speed actually affects performance).
.Sup:
0404 USB:
RightMark Audio Analyzer test : E-MU 0404 USB loopback bal 16b 44k
0404 PCI:
RightMark Audio Analyzer test : [MME] E-DSP Wave [EC00]
Exactly the same across the board. If anything the PCI version measures ever so slightly better, but that's most likely due to natural testing fluctuation - besides, the differences are far, far, FAR beneath the realm of audibility.