SPDIF, Santa Cruz & Liteon

Have a Santa Cruz card that accepts SPDIF connection from cdrw. I have lite on 52x. The SPDIF connection on card looks like a two prong deal, on back of liteon where (if anywhere) can the SPDIF connection be located. I have looked around (maybe not in the right places) but can this be done with the Liteon 52x and what is the advantage of having the SPDIF connection to sound card? Record through card using equalizer or what?? I know it would mean a digital to digital signal but that is about it.