I'm going to jump on this one as quick as possible as it's the only thing that doesn't work properly in Karmic for me.
I have a laptop (Dell Precision M90) that has a sub-woofer controlled by the LFE channel. In Jaunty, I was able to choose which channels were controlled by the volume control, but this has been changed in Karmic. Now, the volume control increases PCM first, followed by LFE, followed by Master. PCM and LFE increase very quickly compared to Master meaning audio is blaring out of my sub-woofer before the main speakers are hardly audible.
This was reported on Launchpad bug 410948.
I hope this can be solved for Lucid Lynx.