Yes, whenever I used the original volume system icon or advanced backlight/audio, it always was mute. Never heard a sound. I think I later used the version from extras devel, and it went to full loudness when you plugged it in (that noise it makes) and then returned to normal (most times was mute) after the chime thing finished.
Doesn't work for me. If I try to launch it in x-term it says only "segmentation failed". I have hildon-desktop patced by Mitrandir installed to be able use 9 applets instead of 7, it may cause the problem...