(Click picture above to link to full details at Creative Labs' site)
The Sound Blaster® Live!™ brings cinema-quality sound to your movies, music, and games with digital 5.1 clarity. Driven by the powerful EMU10K1™ Digital Signal Processor, you will experience the highest quality sound reproduction with real-time audio and effects. The Sound Blaster Live! includes Creative PlayCenter™ with a full 320kbps encoder and 9X MP3 acceleration, making it fast and easy to create, customize, and listen to quality MP3/WMA files. With the ability to connect to Dolby® Digital and multi-channel digital speaker systems or analog audio devices, you can experience true 5.1 surround sound with all PC audio entertainment. Creative Multi-Speaker Surround™ (CMSS) mode lets you experience 5.1 audio from a stereo signal, or enjoy movies in Dolby Digital 5.1 audio when connected to digital 6-channel speakers or analog Dolby Digital-ready home stereo receivers.
This is the Retail boxed version, not the Value (limited) one.