Well, we're always going round and round about the 16 bit versus 24 bit recording thing. I personally don't think anyone can tell the difference between them and that an SB Live sounds great at 16/48. But the Hoontech will allow for 24 bit recording if you wanted to try that. I think it also has a more flexable routing system, like being able to run plug-ins from the soundcard auxillary send. Other than that I don't know why you would need one.
I used to have the ASP hack too. I don't use midi though and I found the new record console was a bit cumbersome with the latest version so I went back to the SB drivers. For me it was a better choice. It is a good hack though if you need midi, that's for sure.