The boards have been somewhat revised and feature a new thinner version of the EMU10K1 that was already starting to show up on some of the previous editions of Live boards
http://3dsoundsurge.com
After doing a quick search around the NET, I find an annoying lack of information regarding SB Live model comparisons, but as the above quote indicates, I believe the EMU10K1 may indeed have been revised for the later versions of the SB Live.
However, reading through spec lists of various models, it becomes evident that the original SB Live, (called) the 'Value' and its previously mentioned full retail equivalent, were indeed considerably different to later versions. For example, the original SB Live only had a 512 voice creation ability, where as the 1024 and above line of cards have 1024 voice creation abilities. Also, the added Dolby 5.1 specification also adds a new feature and the fact that its engine is actually software based indicates that even though it still used the EMU10K1 APU, it kind of bypassed it for certain operations.
So I think in all honesty, myself,
Simguy and
Prof' are all in fact correct in what we/they/you have stated. All SB Lives as
Simguy said appear to carry the EMU10K1 APU, but it seems there have been revised versions, without it seems a actual name change to the chip, and in addition like
Prof' suggested and I just explained, the SB Lives generational development would appear to be of a significantly drastic nature, even though still utilising the same and original chip. I believe this was done through various other hardware updates as well as the developmental aspects being supported by advances in the driver and software architecture.
So in short.... I've got a headache... no I mean...
All the SB Live cards have essentially the same brain, but the original cards have significantly different bodies holding it all together. If you understand my analogy.
Is the above a load of crap? probably!
So in a nutshell... upgrade
Prof' you silly billy

, and stop making me and
Simguy argue! I love him too damb much for this to continue.
SPINNER