I assume, you are meaning a separate PCI card, or external device, rather than an on-board chip.
Amounts to the same thing really, just depends on the quality of drivers and chipset.
Often cards have their own dedicated RAM for hardware mixing (The DirectOut plugin, in WinAmp will show if you have HW mixing support).
The ALCapsViewer from the OpenAL site will show what HW and SW support your drivers have.
If it does not show the HW branch after trying the OpenAL installer, then you either need a driver update or your chipset just has no HW EAX.
Software mode is often more accurate for many users anyway.
(Many Windows 8 users will have to check for a driver update for EAX support.)
The wiki info for the U227i versions will be almost the same.
http://www.oldunreal.com/wiki/index.php ... 3D8_/_D3D9http://www.oldunreal.com/wiki/index.php?title=OpenALhttp://www.oldunreal.com/wiki/index.php?title=FMOD