To be quick and short : YES
Having listened from the old integrated soundcards to the new intergrated ones (e.g. Karajan, SoundStorm, improved AC 97), there's definately an advancement, but even in such state, they are still far below or behind the standalone soundcards...
Even when I compared my old SB Live! to my new SB Audigy2 ZS I saw a huge difference in sound fidelity and crispness (and mind you, the SB Live! kicks *** out of the most integrated solutions, if not all!).
However, to be able to hear the difference (not just 'see' it by doing a RightMark analysys) you must at least have mid-range speakers, not the crap you can buy for 5$...
I have my Hi-Fi speakers hooked up to my A2 ZS, and let me tell you, it's at least 10 times better than any integrated solution you can find for listening to music, not to mention that integrated sound cards are not able to do hardware-acceleration for the most part (soundstorm is an exception), so they'll be consuming your CPU power, resulting in less performance...
However, it all comes down to you, your budget, and your hearing
