I have a discrete sound card myself, and the difference is defintely noticable, and well worth it IMO.
I've had nothing but trouble with discrete sound cards. My old Audigy 2 ZS worked properly only in Windows XP. Anything newer and it was entirely up to the card's mood how it decided to work that day.
When I got my Intel P35 PC I stuck with onboard audio for quite a while. Then decided to try out Asus Xonar D2X. Difference in audio quality is very clear, but so were audio problems in games. The card's drivers simply weren't up to the snuff as far as gaming was concerned. And this was regardless of whether Asus' version of environmental effects were enabled, I forget its name.
Then comes my Intel Z77 PC. Once again I stick with onboard audio, only to notice that it has improved quite a bit since P35. Despite technical specifications of the codec have remained unchanged, chips themselves and motherboard design has improved over time still. Time passes and I decide to try my Xonar again just for ****s and giggles. To my surprise difference in audio quality was no longer readily noticeable, but it sounded slightly different. Perhaps the Xonar does produce better sound, but I could no longer tell it was anything but different. But unfortunately problems in games remained, so I remove the Xonar once again.
The root cause lies with C-MEDIA, whose chipset the Xonar uses. C-MEDIA is doing piss poor job with improving their drivers and hardly ever update them either. Unfortunately Asus' customer support on the matter doesn't receive good grades either, but what can they do when their hands are tied.
So I suppose if you want discrete sound card for gaming purposes, Creative is your only choice. One can only hope Creative has learned from its past mistakes and now actually provides good quality drivers. I even thought about getting one of those new Creative cards, but then I decided the Z77's onboard audio is quite good enough. And my headphones is Logitech G35, plugged via USB so sound card won't matter to me as far as headphones are concerned.
As for DX11.2: I don't see it being a big factor, given that it is intimately tied to Windows 8.1 with no backport to 7 in sight.
People have to upgrade sometime. Otherwise Windows 7 becomes another Windows XP and nobody wants that.