Hi,
Just saw this thread - I have both cards. I've modded the hell out of my ST and the SE-200PCI is, at the moment, standard.
The first thing you'd notice from comparing the the RCA out is that the Onkyo is quite warm with a very fluid smooth sound, and although the details are there, they are not very forward. It's a very nice presentation and gives great stereo-imaging despite the slightly quiet treble response. The Asus is almost exactly the opposite in terms of sound balance - the treble is quite prominent and in standard form the headphone output is a tad too aggressive. The RCA out is fine but not quite as appealing as the Onkyo's. The Onkyo uses SiilmicII output caps (one of my all time favourites) and the Asus uses Nichicon FG which are good but not amazing caps IMO. Both can be improved with a fast bypass cap like a Mundorf Supreme .33uF or thereabouts.
Very importantly, the ST allows a quick op amp swap to completely change the sound so if you pop in some OPA2132PA you'll get something similar to the Onkyo but without the great soundstage. Try some LME49720HA and you'll get the soundstage maxxed out...and.... I could go on but you get the idea. To mod the sound on the Onkyo will require soldering and invalidating the warranty.
The spdif out is very interesting. The Onkyo seems to have much less jitter that the ST despite the ST having a jitter reduction chip. I modded my ST and now I can't honestly tell the difference between the standard Onkyo and the modded ST. I might give the edge to the ST but it's really hard to say for sure as I can't do instant a-b comparisons.
So it seems to me the Onkyo is actually more of a hi-fi card that the ST but the ST is much easier to customise to make it sound how you'd like. Just looking at the design, component selection and manufacture, you can see the Onkyo engineers followed the audiophile hi-fi path and the ST engineers cut-and-paste from Texas Instruments datasheets ( and that included putting smt caps in the feedback loop for the I/V op amps to limit their bandwidth - a definite no-no in audiophile terms - and so I felt I had to remove them and fit metallised polypropylene caps. )
The ST has an ASIO driver - very important for older Windows OS like XP. The Onkyo doesn't so you'll have to set up ASIO4ALL as a bridge driver.
The Onkyo has an spdif in and supports 7.1 speakers already. The ST has a headphone amp and requires an add-on board for 7.1 output to speakers.
I personally don't think you can go wrong with either and although I use the ST most of the time, I'm not about to part with my SE-200 either.
Hope this helps, if I'm not too late.