I also agree with Colombo, but as it stands we have a slider for effects, and one for environment which most people seem to take advantage of really well.
An expansion on the OP, also make it so that a sound that is far away becomes more muffled. The explosion of a bomb at 30k should not only sound more muffled than if you were standing right next to it (if heard at all), but should also take a few seconds for the sound to reach you. IMO it's a small change that would go a long way.
+1 for me.