SPDIF's main problem is it was designed to carry 2 audio channels; it doesn't have the bandwith to carry 6 channel audio. As Dolby Digital/DTS are compressed formats, they CAN be transmitted over SPDIF, giving 5.1 audio. (Two techs, Dolby Digital Live and DTS-Connect exist for this purpose; to get 5.1 audio to fit over SPDIF). The obvious downside is the need for a decoder module at the other end however...(as 5.1 can't fit over the connection, decoding on the PC defeats the purpose)
Current ATI cards, by default, carry up to 8 channels of uncompressed audio over its HDMI connection. As such, any sort of dolby/DTS tech is unneeded to get 5.1/7.1. What Cyberlink has done is allow for the compressed Dolby/DTS signals to be carried over the HDMI connection, so a digital reciever, instead of the program, handles the audio decoding (taking some stress off the CPU in the process).
As most PC users use analog speakers, this generally isn't an issue. Any Dolby/DTS format is generally decoded by whatever program is playing the source material, and then treated as a normal PCM signal. The ability to offload the work to a reciever is useful for some people though...