The original ATI HDTV WONDER does in fact have analog TV with composite and S-VIDEO support.
While you can not use the ATI HDTV WONDER analog with Media Center in MCE2005, Vista and Windows 7 it may be of interest that GraphEdit can still use it.
The following example shows the analog TV section of the ATI HDTV WONDER working with Windows 7 and yes the audio is working as well.
Not a good picture but in my area we don't get analog very well.
And with only weeks left for the analog TV's in the US it seemed like a good time to see if Windows 7 could use something that will soon go away!