but rather on the card itself.. [/quote
That is quite possible, and quite logical as it would explain why they got the license (i.e. there is no way to get decrypted data after the card has decoded it - no software way that is). You could still grab the decoded data straight from the pins of the DAC chips because it's not an all-in-one-chip solution (which would indeed make it fully tamperproof), add some transceivers and send it to external DAC(s) ("s" because you need 6+ D/A channels). In fact with audigy 2 platinum or extigy, depending on how data is transferred from the main card to the daughtercard / external box, it might be even simpler.
But easy it ain't and even an advanced hacker wouldn't bother doing it, not to mention need for external DACs... Not worth the trouble.