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The G5 apparently allows sbx surround via line out and optical out.
I actually noticed that Creative launched a new product called the Sound BlasterX G5. It looks like some sort of crazy crossbreed of the X7 and the E5 (E5 form factor with same DAC/Amp, X7 SB-Axx1 audio chip and SBX virtual surround). Certainly looks like an interesting alternative to the X7 if you don't need the speaker amp or bluetooth capabilities (too bad they didn't put in the BurrBrown DAC chip from the X7).
It's definitely more targeted at gamers than audiophiles, but probably competes with Schiit M/M stack for music. And it's $50 cheaper than the E5 too!
The G5 is useless for consoles as it does not pass discrete 5.1 like the X7. I think it is fine with PC but there is enough competition in that segment.