rlakhani11 :
1. Is Xonar DX considered a budget/value sound card with average/above-average gaming performance, or it's a low-end card?
The DX can be considered midrange. Its a little old these days, but still a very solid entry.
2. Where does it stand, if compared to SB Z or other similar (not very high-end) cards?
Spec wise, the Z is a better card. And unlike previous era's, I have not hear nearly as much grief about Creative's drivers. Currently, I'd recommend the Z over the DX.
3. As I won't be using any speakers at all, will DX provide 7.1 to the headphone (provided it supports 7.1)?
Depends. USB headphones are their own soundcard, so buying a dedicated one adds nothing. And any "true" surround headphones are low quality due to sacrifices to fit the drivers into each earcup. That being said, the DX (among other cards) support Dolby Headphone, which allows virtualized 7.1 on any standard stereo headset.
4. Is it true that it does not have a headphone-Amp? Why a headphone-amp is important?
Time for physics 101:
Voltage = Current * Resistance [For audio, Imedance = Resistance]
Power = Current * Voltage
Output volume is dependent on the power of the signal. There are two ways to get high power: High current, low voltage, low impedance (resistance), or High voltage, high impedance, low current. Due to PC design, most headphones are designed to accept low voltage, high current, and have very low resistances. However, low impedance headphones have to make design sacrifices, so high impedance headphones are generally considered superior.
A headphone amp basically applies a voltage boost, allowing the power to properly "drive" high impedance headphones. When high impedance headphones are not driven properly, you either get very low volume, or very poor audio quality. For these types of headphones, an amp is necessary.
Generally, headphones with impedance under 80 Ohms or so do not need an amp. [To put this in perspective, most consumer headsets have impedances under 8 Ohms)
[And yes, I simplified this a LOT.]
5. If it's not one of the best for gaming among its category, what other similar options could I consider?
Higher tier cards that come to mind:
ASUS Xonar Phoebus
ASUS Xonar ST(X)
Creative Soundblaster ZxR
Frankly, the Z is more then "good enough" in my mind; its a VERY strong entry at its price.