I recently replaced the SB AWE 64 Gold I had in my server with a SB Live!. The Gold had decent sound quality. I won't say you will see a noticible diffrence between it and you 16 though. To my understanding the big diffrence is in the Wave table, which is used for MIDI.
The biggest advantage I could see by choosing that sound car would be the S/P-DIF output that it has on board. The RCA jacks should be rated at 4 volts if I remember correctly.