I don't have a 0404, but I have a 1212M. They should be quite close in gaming performance.
There is no EAX support in 1212M. Not any. Even though the 1212M has a EMU10k2 chip, just as Audigy 2. And of course you can't have surround sound from 1212M, since it has only two channel analog output.
Otherwise, at least 1212M has a working WDM driver now (earlier driver has some problems). You can at least hear sounds in games. High quality sounds. But that's it. No fancy effects nor HRTF nor surround sounds.
By the way, the new driver does enable 1212M to use some hardware FX effects, but that's only avaiable to professional usages (through VST only IIRC).
I also have DAL's CardDeluxe, which is also a high end sound card, and about twice as expensive as 1212M. Its DAC and ADC are not as good as 1212M, but it has good OP, and it sounds as good as 1212M although the specification may not be as good. However, its driver status is even worse. For a long time CardDeluxe only have MME driver (no WDM). It doesn't not work in some games. Now it has a beta WDM driver, but that's not very pretty.
Generally lower end cards tend to have better support for games. Many Envy24 based cards are fairly good at playing games, but it still depends on the driver.
Currently I have both Audigy 2 ZS and 1212M coexist in my machine. I use Audigy 2 ZS for gaming, and 1212M for other works (listening to music or sometimes composing silly musics). I used to connect the digital output of Audigy 2 ZS to the digital input of 1212M, trying to save the trouble of switching between the cards. However, it seems the SPDIF output of my Audigy 2 ZS is not very stable, sometimes it "cracks."
My advice is, if you have fairly good speakers and you care about sound quality, or you need to do some recording works, you may want to check those "high end cards." However, if you have a surround speaker set-up and play games alot, you'll want an Audigy 2 ZS.