i was considering buying the Audigy LS at one time, but i opted for the Audigy 2 Value (has many of the same features as the Audigy 2 ZS) for certain reasons.
the Audigy 2 ZS handles a lot more standards for one. it can handle Dolby Digital-EX (7.1) in hardware, along with DTS-ES (7.1) in hardware (of course, both compatible with regular 5.1). the LS only handles regular DD 5.1 (which shouldn't be a problem to you). in your case, you MIGHT want to consider the ZS because of the added DTS standard, but only if you consider yourself an audiophile since DTS is slightly higher quality than Dolby Digital (at the expense of DVD disk space).
the Audigy 2 ZS can handle EAX in hardware, meaning your processor doesnt have to think about how to render the 5.1 channels during gaming. thus, better frame rates. it also does EAX 4.0 Advanced HD, which in gaming, translates to very realistic surround sound (smooth transitions from room to room, more accurate positional effects, etc). the LS only supports EAX 3.0, which i suppose doesnt hurt TOO much, but then again, its in software, meaning your frame rate'll suffer.
if you're really into music, the Audigy 2 ZS does DVD-Audio, a new audio standard that uses DVDs to store music in 5.1 channels at 24 bits, 96KHz sampling (compare to CD's 16 bits, 44KHz). i have a sampler disc that came with my sound card...not exactly the music i listen to, but a great example of the viability of the format. and when i looked around, there were more DVD-Audio discs out there than i thought, so that might be a point to consider.
if you record music, the Audigy 2 ZS supports ASIO drivers, which means you get low latency (lag) recording, making it easier to sync up tracks in multi-track recording.
im sure it's almost unnoticeable, but the ZS has a 106 dB signal-to-noise ratio (essentially, the amount of hissing and cracking compared to the signal or sound). the LS has a 100 dB SNR.
the connectors on the ZS are gold plated, meaning better conductivity, and thus...better sound, if barely. and finally...the ZS has a firewire port, if you need it. the firewire port can also be used for PC-to-PC gaming, if someone else has a firewire port. the LS only has the old joystick port, which still might be useful if you have an old joystick/controller that uses it, or if you use MIDI devices like certain keyboards.
there you have it...the major differences. like i said, i have the Audigy 2 Value (around $70) a few weeks ago. you might want to consider it since its exactly on middle ground between the ZS and the LS. it doesnt do DTS and some other little things the ZS can do like ASIO 2.0, and doesn't have THX certification (which really isn't THAT much of a difference), but its served me well so far, sounds great, gives me a few extra frames in games...and plays Splinter Cell (came with the sound card, too) in surround sound nicely...