Brownee, head over to the square circle, it is dedicated to this kind of talk...
I do almost exactly what you are suggesting doing myself with the HTPC either running in 2 channel or 7.1 at various times for different reasons.
Analogue out of computers is a particularly hard thing to quantify to an "Audiophile" because not everything is measurable, hearable or "feel-able" to everyone in the same way.
The negative aspects of what GG has said above have been going around for years, (no disrespect GG - you have at least tried the USB and firewire stuff and know it is better

) usually said by people plugging in their laptop and playing through a cheapo, $5 integrated soundcard option. Everyone seems to think that cd mastering is done on analogue gear or something, when in reality over 90% of all recording (good and bad) is done on PC based systems with soundcards built into the pc itself with the inherent electrical "noise" from the power supply etc... people who try out the really serious options rarely turn back to cd players.
IMHO, you need to spend some money on a decent pro level audio card to get the noise floor you want and go from there, analogue out can be as good as it gets, but not from anything creative, they ALL reclock the signal, even the latest audigy series.....
anyway, I could go on and on here, come look in the square circle and ask away, you will surely find what you are looking for!