It's really impressive what Googles Web Audio API can achieve, the effects you can apply to sounds really opens up aesthetic and gameplay opportunities for designers. Check out these powerful in-browser Chrome examples:
Positioning, pitch and filtering
Box2D - Sounds are effected by position and force of impacts
Audio reactive visuals
I'm aware web audio API availability is limited, even more so that WebGL. However, with the upcoming .exe desktop export, I don't think this should hold either us as a community or Scirra back from creating audio effect behaviors. If I had the skill I'd be right on it. :)
If interested, I can make myself fully available as a sound designer to aid / feedback in the design of these behaviors so that their usage is intuitive to how audio is best integrated into the editor.