Stereo sound stage is incorrect with packaged openal32.dll but correct when OpenAL32 version 6.14.357.24 is installed from http://connect.creativelabs.com/openal/Downloads/Forms/AllItems.aspx .
Example using jukebox playing a record: sound volume decreases too much when player turns more than about 100 degrees from source. Volume also mutes at certain positions when looking directly at the jukebox.
Tested using vanilla 1.4.4 Creative mode with jukebox and skeletons.
Problem first noticed in 1.3.2 survival with noise from skeletons in water.
Maybe relevant: also noticed lag spike when moving 16 blocks away from sound source - no spike with OpenAL32 version 6.14.357.24 .
Installing OpenAL32 version 6.14.357.24 from openal.org and removing (or renaming) %APPDATA%\.minecraft\bin\natives\openal32.dll fixed this problem (and the lag spike). Restoring the original openal32.dll restores the problem.
Keywords: openal, openal32, sound, stereo, openal.org, version 6.14.357.24
Edit to explain attachment 2012-11-16_21.58.54.png : this shows a central jukebox with four wooden plack "listening" positions; stand at any of these positions and rotate the player and note the volume severely mutes in the directions of the raised wood blocks; at extreme right is darker wood block where the volume also mutes when looking directly at the jukebox.
Music volume drops to almost zero when looking in direction of cross hairs, but rotate about 15 degrees and volume rises to near maximum.