Personally, I would never bit-stream from a graphics card (not saying it's "wrong" but I wouldn't do it personally).
However, if your computer has a digital out already on the mobo, then it is definitely worth trying to hook that directly to your receiver and it will most likely sound very good.
Now, I agree that $200 just for a sound card is a waste. A soundcard is in a noisy, interference laden area inside a computer chasis. Also, if the computer P/S isnt very robust, you risk feeding it sub-optimal power. If you do go with internal soundcard for the D/A duties, be sure it is shielded.
I do like an outboard DAC for my 2 channel rig. An outboard DAC is comparable to an external soundcard. That gets it out of the problematic computer chasis. Also, with future computers, you can transfer the DAC easier than swap a soundcard out, and if the PCIe becomes obsolete, it won't effect you.
For my HT rig, the DACs in my Pio Elite are fine from my HTPC mobo optical or coax digi out.
As far as sound cards, read this:
http://forums.audioholics.com/forums/home-theater-pc-htpc-media-servers/83588-looking-good-pc-sound-card-need-help.html
As far as a DAC, check out Emotiva XDA-2 or the Dragonfly
Amazon.com: AudioQuest DragonFly Asynchronous USB Digital-Audio Converter (DAC): Electronics