Could anyone kindly fill me in on what changed with the sound code (and/or what the supposed benefits were to be from switching to it over the old code?). Just curious.
Basically the internals of the sound code were rewritten to make better use of OpenALs capabilities rather than the engine having to baby feed the sound code. The three largest things, from *my* point of view, that were changed, was how the sound code detects sound cards and microphones, the really poor management of the sounds and (this is what is relevant to this discussion) enabling full 3d, multi-source audio.
The problem with the full 3d, multi-source audio is that, there is no cutoff on the volume and the number of sources in a certain point. The old sound code, implicitly had them because the old sound code would only attempt to play so many sounds a time (the "baby feeding") so it didn't overload the sound cards of the day (afaict, the old sound code is from retail except for being ported to openAL), whereas the new sound code sends every single sound to openAL and lets it figure out what to do. The end result is things like a wing warping in results in 4-6 warp sounds played at the same time, which being an already loud sound results in the extreme clipping everyone is complaining about.
Unfortunately, though I think I know what the problem is, I am not familiar enough with OpenAL to know how to fix it, and I haven't had time look into it.
People complained about the old sound code, and now they're complaining about the new one. Seriously guys. 
Isn't that how it works...
