Same here, Windows 7 64 bit, Creative SB X-Fi

I can't tell for sure for the sound effects, but I especially notice it with NPC dialogues: Everybody sounds like he is speaking in a church. The echo effect is even stronger when in caves (which is most likely intended). NPC dialogues are a bit too loud / too easy to hear when far away. In some places in Cyseal it gets really annoying because you almost can't concentrate on the game itself anymore when there are 3+ NPCs talking including a funky echo sound effect at the same time.