Yes, right now the WDM drivers only support a maximum sampling rate of 48 kHz. Currently, this is also the case with the 1212M, 1820, and 1820M. The ASIO drivers support the higher sampling rates. There is good reason to believe that E-MU are working on supporting higher WDM sampling rates, to be implemented in a future driver release.
The difference in analog output between the 0404 and 1212M, to my ears, was not extremely dramatic. After listening to more than three dozen CDs, if I was forced to describe any differences, I would say that there was occasionally a bit more detail in the higher frequences with the 1212M. There also tended to be a bit more presence evident in some of the bass and midrange frequences on the 1212M.
The 0404 is one nice card. For playback, few cards come close and when you consider the price... When it comes to recording, the 0404 should suit all but the most advanced studio setups.
The card's analog out was tested using a variety of different equipment. My impressions are what I gleaned from repeated listening over the course of about 2 and a half weeks. I think I burned myself out on this one!
Needless to say, I'm probably going to start getting back to recording music after this most time consuming distraction! Some of the equipment I employed: ALESIS Monitor 1 Active MKII Powered Monitors, Harman Kardon AVR330, SONY STR-D590, Klipsch SB-3s, Sennheiser HD580 Headphones, and NADY QH560 Headphones.
Grigorios