Quality of other components
I think what the OP is asking, is not getting addressed.
The simple answer is that the recording specs (i.e. 16 bit and 44.1k htz, or 24 bit and 96k Htz, etc.) are only the basic specs that the average Joe refers to. But the really important aspects of sound are those techie things that most people don't know or bother to know about. That is, the quality of the components, which are the signal to noise ratios, the type of AD/DA converters, and even I am forgetting a couple of the other components now.
What it amounts to, chinglnc, is that the quality of the sound on a more expensive card SHOULD have less noise, and cleaner signals. SHOULD!
Ethan posted that in many cases, you could not tell the difference in recordings from a cheap card to a very expensive card, and I am sure this is true in many cases, but it does not address "why?".
I think, that a lot of comparisons are probably comparing crap to begin with. By this, I mean truly horrible sounds and horrible equipment with lots of brashness and distortion in the original source. Regardless of what type of sound system you play it on, it still sounds like shit.
But if you actually record something beautiful, and clean, say a string quartet, you SHOULD be able to be able to distinguish a good recording card from a bad one, all other things being equal.
I am only trying to address chinglnc original question as to what would make the difference between expensive and cheap cards. Again, the answer should be the other components that go into the signal process.
A similar comparison (and it is very disappointing to me how many "pros" nowadays don't even know this) is that in a PA system, people always want to boast about the size of their speakers and how much wattage their amplifiers can produce. But this totally is amateurish, and shows that they know nothing about sound. Why? Well, the other VERY IMPORTANT elements of a sound system are the amount of Total Harmonic Distortion (THD) of the amplifier, the rated power into a certain type of speaker (i.e. 8 ohms, or 4 ohms?), the threshold vs continuous rating of the speakers.
I spent extremely high dollars on my sound system because nothing could hold a candle to it when I play my CD collection through it, as well as my own keyboards. The end result is so smooth and wonderful. NO NOISE!!!
People fail to understand that NOISE and DISTORTION are what is awful in a signal process.