i'm not sure where you were reading that "sound cards are as awful as it gets" but that really could not be further from the truth.
yes, there are certainly bad soundcards out there. onboard audio or cheap no-name products tend to fill this role. there are also bad receivers. again, generally no-name products.
first you would really want to understand your options.
what is a receiver good for?
if you want to use home theater speakers this is your only real option. yes, there are multi-channel amps but the price of those is more than a receiver generally. also, you can connect with hdmi right out of your video card. alternatively you could use optical out of your onboard or a soundcard if it supports 5.1 over optical.
what is a soundcard good for?
if you want to use pc speakers or use analog inputs (ex some microphones) this is a good option. also, if you want virtual surround sound for headphones this is one of the few solutions for that.
keep in mind that soundcards are generally meant for use with powered speakers. allmost all pc speaker sets are self powered with an ac plug. this means the input power to them only needs to be low level (hence why most soundcard amps for 5.1 are not strong). receivers on the other hand need to have stronger amps since most speakers are unamped so need to be powered by the receiver.
are there other options?
sure. people using headphones may be using an external dac and amp (bypassing soundcards/onboard) or use just an amp (to just boost output power) as soundcards (generally) are not meant for powering some of the high power products on the market (but most average headphones are fine). people using specialty mics (xlr) may use an audio interface to mix (its an external dac/amp/mixer). some people might use usb input mics (bypassing soundcards). recording studios might use specialty soundcards (claro xt for example) which are meant for a different market than general use ones.
also you will want to understand what they are. a soundcard is basically a dac (digital to analog converter.. or what allows you to actually make an analog signal [that powers speakers] out of a music file), an amplifier (which powers up that signal so that it can actually power speakers [though in a souncards case it is only amped up enough to power 1-2 watt speakers or headphones]) and a software suite which controls things like virtual surround, which input/output does what, etc.
likewise, a receiver is generally a dac, amplifier, switcher (for switching inputs) and has its own hardware/software mix. generally the outputs on receivers are high power meant for unpowered speakers.
what are your speaker options?
2-3w 2.0 unpowered pc speakers. generally stay away from these
2.0, 2.1, 5.1, 7.1 powered pc speakers. some sets are generally not bad though may fall behind higher end and pricier audio solutions
2.0 studio monitors (powered). generally used by people mixing or for people who want nice small self powered bookshelf speakers.
2.0, 2.1 unpowered speakers. either amp or receiver. good for people who want a small set. home theater speakers are generally decent.
3.1, 4.1, 5.1, 7.1 unpowered speakers. for over 2.1, a receiver would be needed. home theater sets generally offer better audio than many pc speakers.
HTIB. home theater in a box sets. i generally advise avoiding them as not all play nice with external inputs. some however do work fine.
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in short?
there are good soundcards. xonar dx, stx, creative z, etc.
there are good pc speakers. creative t40, jbl creature iii / soundsticks iii to name a few.
soundcards can be used with powered non-pc speakers. xonar dx paired with mackie cr4 for example is decent.
home theater setups are good if you have the money. avoid htib sets if you can though.
a home theater set may cost you $500+ (mine was about $1200) while high end pc speakers generally cost around $300+ (logitech z906).
are they comparable? i would say no as a "good" quality home theater sounds much better. for the money spent though there are certainly outstanding pc speakers. in the non-pc powered speaker category (studio monitors for example) many compete with the better pc speakers on the market though i consider monitors to generally sound better (though remember monitors dont have a sub.. though its possible to add one).
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confusing? surely. however understanding your options and clearing out the notion that "all soundcards are bad" is essential.