Maybe, just maybe in terms of signal to noise ratio. Most of the lastest high def. codecs on motherboards have a good enough SPDIF output. All you need is a straight 2.0 stream, preferably in 24bit if your receiver supports it. Let the receiver do the work the soundcard traditionally used to do. Although some receivers will not upmix a 24bit 96khz stream to multichannel. It would be a stright digital passthrough, but arguably could give the best sound quality (i.e. a true 1:1 digital transfer) for audio purists.
never really thought of that. its been a while since ive been into the reciever market, it only makes sense they can do that now, at least the affordable ones i mean. hell im still satisfied with my pro logic surround