Alrighty, my people...
This is the emulator x software engine with the EMU DSP chip. I assume the regular emu dsp engine could not handle the audio engine AND the support for emulator x on the single dsp chip for the 1212/1820 because the proteus handles more intensive synthesizing and layering. Add to that a dedicated fx engine which again saves cpu and frees the usage of the 1212/1820's internal fx. In general it's exactly the emulator x, but is dedicated to the EMU rack modules which now come in the EMU library format.
Well this is all assuming because...
The 0404 to my memory is NOT 192Khz, but 96Khz hence the reason it goes out the shop for 99bucks. Further more this looks like a result of a poorly selling Emulator X engine which instead makes a perfect virtual racksynth of good quality, but then again we're talking about a package deal here meaning that you should be able to get these libraries for use on emulator x and whatever EDSP card you're using right now. The reason to it is logical, the 0404 is good but won compare to the 1212 or 1820 or other quality cards, which implies the installation of another soundcard on your pc which is at times difficult due to lack of remain irq's on your motherboard.
So, my advice... wait for the libraries to come out and invest on a 1212/1820 package deal with, I mean, the emulator x software is seperately available. On the other hand I'd like to ask around on the emuboard about placing 2 edsp engines and freeing