The final Creative drivers for the Live! cards are quite adequate. I haven't had any issues with them for game audio quality or overall system stability, over the past few years that I've used them. In fact, I haven't had problems with Creative's drivers since they got NT5 figured out in the "Win2K is new" era. My A2ZS PCI and A2ZS PCMCIA also have good drivers, IMO. I don't know where the driver fretting comes from. It's just like how people rip on ATI's drivers constantly with false reasoning.
To get the card running at its best for games, you should just uninstall all the drivers for it on your comp and the install Creative's unipack from their site. You want "Sound Blaster Live! - LiveDrvUni-Pack (English)". Don't download drivers for the Live! 24-bit.
If you aren't going to game with it much, grab the
latest KX Project driver pack. They let you use the rear output as the front output which offers better audio quality because the rear output is on a better DAC. These drivers have some incredible functionality for on-the-cheap musicians. Not much for gamers though.
The advantages of Live! over plain AC97 are hardware audio acceleration of 32 channels (DS/DS3D/EAX2), much better analog audio signal quality because of better DACs and cleaner circuitry, decent hardware MIDI (soundfont support), and better inputs. The drivers are quite refined now too. If you consider that the Live! first showed up in 1998 and is fully functional across Windows 98 (95?) through Windows XP, how can you not see that it is quite a nice little card?
Technically you could say there is AC97 audio on all audio cards since the main DAC is AC97. It's just that there's a whole lot more functionality to a Live! than the entirely host-driven AC97 audio solutions on mobos. AC97 is just a crappy cheap audio standard from Intel I believe.
http://en.wikipedia.org/wiki/AC97