SPDIF can only transmit 5.1 compressed audio in the form of a DD or DTS signal. Otherwise, for PCM, it is restricted to 2.0. So which one is it? Cause if it is decoded by the soundcard, then it CANNOT be transmitted over SPDIF in it's full 6 channels. It can only be transmitted via the analog cables (6 channel analog) in which case there is signal loss, the amount which is determined by the interconnects on the soundcard and the quality of the cables. In case of SPDIF, there is NO SIGNAL LOSS up until it is decoded.
The extra step is, when the audio is decoded in the soundcard, it is passed through analog to the logitech receiver, and then to the sub and then to the speakers. But if there is SPDIF, then it goes digitally to the receiver, from thereon to the sub to satellites.
I'm sure this extra step is not necessary in case of regular 5.1 channel speakers, where they only have 6 channel analog, but when an external decoder is involved (and cannot be bypassed in case of logitechz5500), this step becomes necessary...