Okay further analysis. The Musiland has TRS85812NL on the RCA and BNC outputs. These are transformers for digital audio data transmission (which is the proper way to output SPDIF):
http://www.microchip.ua/trxcom/telecom/np97-100.pdf
It does not appear that the Xonar Essence or SEDNA cards have output transformers.
It does have a 24.576 crystal clock. Looks like good power supply filter support. Though, if those are through-hole capacitors, I would be pulling those out and replacing with some nice 220uf polymer caps (along with some .1uf MKPs soldered on the back side for high-frequency stabilization).
No extra DSP or analog stages. Just a non-nonsense well engineered SPDIF card (based on pictures). It also has a real BNC output (which performs better than RCA for spdif). Technically speaking, this is an excellent option and could very well be better than Xonar Essence. The proof is how well the software drivers actually work and real world listening tests. :) At $60, I may pull the trigger on one of these.
Ebay item has extended handling times, but it looks like it is in stock at Shenzhenaudio for $9 more:
Maybe worth trying?