I am looking for a new PCI soundcard and have been steered toward
either the e-mu 0404 or the m-audio audiophile 2496.

Can anyone tell me the differences in capabilities and quality of
these two cards. Are ther others including Terratec Phase 22 that I
should looker closer at?

I own a Sony Net MD NF810 minidisc recorder and am learning to record
live music. I play back thru the MD line out to the mic jack of my
sound card (Sound Blaster pci128 or onboard C-Media) and recreate a
digital file using Audacity. This digital capture feature is my main
motivation in buying a new card, but I plan to learn more about
mastering and recording live music and may move on to other (most
likely portable) digital recording formats.

Perhaps an external unit that I could use with my laptop, as well,
might be a better solution, I listen to a lot of music through my
desktop so a sound card upgrade is warranted.

Thanks in advance.