Vista does have hardware audio acceleration. MS removed the DirectSound 3D Hardware extension API in Vista. It was for a good reason overall if you read into it. But Creative and Asus have had there soundcards working in Vista with hardware acceleration for ages, it just needed some drastic changes to the drivers.
OpenAL works and you can make older games run through things like Alchemy(which completely ruins the acceleration part), that is nowhere as good as before.