From what I've read the 1212 is a professional card truly outclasses the Audigy and X-Fi base models. It may be somewhat comparable, if not better in sonic performance, to the best Audigy and X-F's, but you're talking $275-$400 for anX-Fi EP. The 1212 is not a card to use for gaming, it likely doesn't support consumer level gaming surround protocols and may not provide hardware audio acceleration when used for gaming.
It looks like nice card for professional applications.
I wouldn't suggest an Audigy or X-Fi class card for pro use either, that's not what they're made for, and only the higher-eschelon versions appear to remotely come close to providing the kinds of tools a pro would be considering. ...with "light" or trial versions of some Power apps.
The 1212 looks to be for musicians and pros:
http://www.emu.com/products/product.asp?product=9872
The Audigys and X-F's for consumer audio and gaming...IMO.
PCI-X or PCI-Express sound? ...I've only seen 1 and it came with a mobo. The big names in Audio cards? Don't hold your breath, I don't think there's too much motivation for that, besides filling those unused slots, and I don't think they're concerned with that.