I manually installed ALSA 1.0.19 over Intrepid last night and see analog (which works) and HDMI (which I cannot confirm) but no S/PDIF device under aplay -l. Since my motherboard (an M2N78-VM, same audio device as OP) was bought yesterday I assume it has the latest BIOS. There is indeed no option in the BIOS to switch between HDMI and S/PDIF, only to turn "AZALEA" (the audio hardware) completely off.
I'll post detailed information tonight when I'm in front of the computer in question.
Just FYI regarding latest ALSA releases:
I manually installed ALSA 1.0.19 over Intrepid last night and see analog (which works) and HDMI (which I cannot confirm) but no S/PDIF device under aplay -l. Since my motherboard (an M2N78-VM, same audio device as OP) was bought yesterday I assume it has the latest BIOS. There is indeed no option in the BIOS to switch between HDMI and S/PDIF, only to turn "AZALEA" (the audio hardware) completely off.
I'll post detailed information tonight when I'm in front of the computer in question.