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Is there really no way to switch between your headphones and desktop speakers with out going into the connect software? I just upgraded from the x-fi titanium and all the ports could work at the same time.
For Z-serie there's SBZ Switcher, which can be used to automate switching between headphone and speaker behind hotkey.
I don't know yet similar third party application for AE-5.
You better contact Creative, so that they might add hotkey functionality for that into future drivers.
There's a similar switcher like SBZ switcher for the AE-5 funnily enough called AE5Switcher No where near as comprehensive as SBZSwitcher though but does do the basic switch between speakers and headphones.
https://github.com/dainesch/AE5Switcher