The audio engine now supports creating a generic list of sound effects and one streaming sound. When playing a sound effect, you can specify a 3D position and velocity so enemy gunfire will sound faint if you are father away, and it will sound close if you are closer to the enemy :)
So far, I think I like OpenAL better than FMOD. The thing going for FMOD is that it's _really_ easy to setup. For OpenAL, you have to do a lot more initially, but it's well worth it.
More to come soon :)