there's the Realtek chip itself then there's the EMF shielding, capacitors etc that support the chip that make a difference in preventing audio noise and supporting headphones of higher quality (like 600ohm rating).
Since I don't have an actual motherboard with the first choice (ALC1220) I can't compare as it could be similar quality to the second option you mention.
*HTPC???*
If you intend to use HDMI then your audio isn't coming from the Realtek chip anyway. It's coming from either the CPU or the graphics card (if you have an addon card).
For example, if you had an NVidia card then you'd go to the audio icon, "Playback Devices" and choose "NVidia HDMI" or something like that and the audio is processed by the video card (a fanless...