The latest alsa-driver as of today is 1.0.15
I also have the Everex XT5000T, and have managed to get sound working on both the laptop's "Front" speakers (including built-in "Center" speaker - the sub-woofer) and the headphones, using alsa 1.0.15
There are a few issues still existing however, such as the "PCM" (or master) control issue you reported.
Also the volume control on the "Front", "Center", and "Surround" seem to almost reach mute-level when lowered to only about 50% volume.
The laptop's front panel audio/volume-control dial doesn't seem to work at all either using the alsa driver 1.0.15. Not sure whether this will be fixed in later versions/updates.
I have posted a bug report on alsa-project's bug-tracking system. Feel free to add to it if necessary, or keep an eye on it to be aware of any future updates or fixes to the issues we are having:
Random results with alsa-driver 1.0.15 on NVidia MCP51 HD Audio & Realtek ALC885
Moreover, "options snd-hda-intel model=3stack-dig" is the best one to use for now, imho.
If you look at the following ALSA Doc in your kernel sources:
You'll find a section:
3stack-dig 3-jack with SPDIF I/O
6stack-dig 6-jack digital with SPDIF I/O
And since the Everex has a 3-jack, you should stick with the "3stack-dig" option.