This is speculation because I haven't heard it, but I'd guess that the Audio Kontrol 1 would not sound as good as the 0404 USB. It's a dual-purpose control surface and audio interface, so the audio portion probably suffers. The product page on the Native Instruments website says that the Audio Kontrol 1 uses a Cirrus DAC that achieves a SNR of 103 dB. This means that the DAC they're using is from Cirrus's lower end.
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