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Using an E-MU 0404USB audio box the volume control attenuates the left and right channels at very different rates. With the volume control set to maximum things sound fine. As the volume is reduced the left channel attenuates much faster than the right. I have tried this with several machines running 64 bit versions of Fedora 14 and 15. They all behave the same way. I don't have a 32 bit install handy to try that. I tagged this against alsa-tools, but I don't really know at what point down the signal chain the attenuation is incorrectly applied.
This is probably not an alsa-tools bug unless you are using one of the specialist tools provided by the alsa-tools package (rpm -ql alsa-tools | grep bin). Probably in the core ALSA driver (kernel), although even then it will probably need upstream attention unless it is something Fedora-specific.