Comment 5 for bug 325215

Yes, karmic is exactly the same. Pulseaudio's volume control app and Gnome's volume control only go to 100%, but the pulseaudio device manager's volume control allows 480%, and the behaviour is as described in the original report.

You also still can't adjust headphone volume, etc, or the login/logout sounds from Gnome's volume control, so there Karmic has a regression in functionality compared to Jaunty/Intrepid - I think those were logged as separate bugs, however.