But MP3s aren't surround sound! Your "SB LIVE!" was faking it, and there are probably apps out there that will happily dupe the additional channels, I'm actually surprised your speakers don't have controls on the decoder to adjust that stuff (mine do) -- I can use ProLogic II or a number of other things to get 2 channels turned into 5.
That said, a dual jack won't do you any good since it won't pass the optical signal through 😉