The new values are the same PCB as the X-Gamer, MP3+ and Platinum (edit: that's the non 5.1 versions, incase it wasn't clear what I meant)
They have the digital minijack, but it's only 4channel miniDIN. No 5.1 discrete channels from the Value (though it will do Dolby passthrough to an external decoder for 5.1).
Other than that it's the same.
I've personally found the Philips Accoustic Edge to have slightly cleaner sound reproduction, but it wasn't drastic enough to make me give up my SBLive! Value (and i have the first one, doesn't even have any digital out).
I like the TB Santa Cruz becuase it has a separate headphone jack...lets you connect speakers and headphones and mute one or the other without swapping wires or anything...*shrugs* I've managed to make due.
My SBLive! value has seen me through Win95B, Win98SE, Win2k, and about 4 version of Mandrake Linux without a hitch.
I don't think it's going anywhere anytime soon. Is it the best sound card out there? No it's not, but it serves my purposes quite well. DVD, Gaming and MP3s.
I think you'll be quite satisified with the purchase, and it will offer you good enough sound for anything you want. Unless you are an audio snob (aka audiophile..why does that work end the same as necrophile and pedaphile?) I think you'll be quite happy with the SBLive!.
In my view the speakers you attach it to are much more important.