I'll have to refrain from making comparisons between the 1212m and the X-fi directly since all I've been using on the X-fi is the digital output. However, I find it hard to believe that the X-fi can be as poor as some of the people in this thread are claiming. I'm all for Creative bashing, considering their shady past and all, but I just don't think it is deserved here. It may not sound as good as an 0404, but from what I've read it at least competes with the envy 24 based solutions.
I have a 1212m, X-fi, and Chaintech AV-710, although the chaintech is flashed to a prodigy at the moment. I certainly would be willing to compare them, however since neither of my amps has arrived yet it wouldn't be fair to compare the analog output using my crappy receiver. Not to mention the fact that my current system only has two pci slots so I would have to install all three cards in my server, something that will be very time consuming. I wouldn't bother taking the time until I was able to do a thorough review.