Yes, the Audigy resamples..
If you go to the control panel in the live's control panel you will see only the option of sample rates of 48/96. Which means that the core is capable of processing only in multiples of 48 without resampling. 44.1 on the audigy core is actually resampled for it..
The DAC used on the live has technical specs of 114 db.
Read the tech sheet of this DAC here
http://www.cirrus.com/en/pubs/proDatasheet/CS4382_PP3.pdf
regarding the PCB size , i am not talking about the PCB size, but the PCB design, there are minimum number of components used on the live's PCB set, with no Electrolytic caps in the signal path, no extra connectors to add to the EMI/RMI.
Finally the percieved audio quality, from my experience using a M audio Revolution 7.1 for more than a year, the transparency level on the Live is on par with it, and the tonal/vocal balance, much smoother and laid back. That might be due to the difference in the opamps used, because i modded the Revo with AD8620 ones. Anyways, i can safely say that i like this card's music playback better than the Revo.
Finally, considering the ADC on the live 24 bit rated @ 102 db from the official ADC specs from the company,
http://www.wolfsonmicro.com/products/digital_audio/adcs/WM8775/
It is really surprising to know that the ADC meausres up to the full level of it's specs on the tests, which is a sure sign indicator of fantastic PCB design.
Here is a loop back test on the live 24 bit, if you are still an unbeliever. Check out the fantastic freq response from 20hz -20 khz.
http://www.geocities.com/amol2003/sblive2496.htm