I guess one of the biggest questions I have is what specifications are you looking for? Also, where will you use it?

Two channels of stereo analog input in a home studio, undoubtedly the M-Audio 2496 for $100US

The Emu 0404 uses the PatchMix software. People say that learning PatchMix takes a while, but in the end, it's very powerful. The M-Audio has an easy to understand and use mixer applet, intuitive and complete, without running through tons of effects or anything else like the Emu.

The Emu gives you 1/4" jacks, whereas the M-Audio uses RCA. Both are 'unbalanced.' Same for both input and output. Both give you S/PDIF capability, the 0404 gives you both optical and coaxial, but if you do not have an outboard piece of gear that's either A/D or D/A converter, or the digital output from a synth, it doesn't matter either way.

Both have MIDI connectors.

The Emu does not have, at this time, Vista Drivers. M-Audio does. If you plan on upgrading to Windows 7 later this year, or next year, I'd want the Vista capable driver. My M-Audio works fine with Vista 64 Ultimate.

If you want more than two channels in, or two channels out, i.e., the ability to record multiple tracks at one time from different inputs, then the M-Audio 1010lt is the way to go, with 4 stereo pair in analog and 2 channels of S/PDIF, ins and outs. Great for multiple busses off a mixer.

For two channels, I recommend the 2496. My brother had issues with his 0404, and I think he got rid of it. I don't know what he has now.

Gary

I'm blessed watching God do what He does best. I've had a few rough years, and I'm still not back to where I want to be, but I'm on the way and things are looking far better now than what they were!