If you've got ADAT stuff or you will soon, no question, the 1212M. If you've got SPDIF stuff, sure the E-mu.
If you don't, why are you even considering the E-mu? The 44 has none of that. If all you need is 4 analong ins and mature drivers, get the 44. If you need ADAT and SPDIF, get the E-mu. Simple.