Have you acquired any additional information about the APS soundcard since you posted this topic, because I am looking for a good soundcard at the moment under $800, and the APS with built in DSP with high quality effects is very appealing.
On EMU\'s web site is the latest drivers for the APS (1.5) It states that the driver supports directsound as well as ASIO.
I haven\'t heard from anyone using it on this site yet so there has been no new developments. I wanted a mix of GS & EMU\'s soundfonts with a DSP. However .....
I downloaded 1.6GS upgrade and the latest drivers from Guillemot and viola I can get low latency and my ISIS cards now works from the front panel of the external ISIS box. I could get the converter from Synoptics to convert SF2 files to Guillemots 94b format for about £80. The DSP on the ISIS only works with the copy of Logic 3.6 silver and I use Cakewalk so I might have to switch to Logic if I wanted to use the DSP\'s on the card.
I have a SB Live! Value, hardware mod to enable analog output, Emu APS 1.5 drivers with patch to make it work with SB Live! Gigasampler seems to work fine, in conjunction with SoundFonts and vst audio tracks (on a different hard drive from that storing gig files). ASIO and DirectSound seem to work together well and coexist peacefully.
Your approach is indeed very interesting. My question is whether the APS driven, MOC enabled SBlive is recognized by GS as a multiple output card. This would open new avenues for GS real time processing.