Hello guys! I've recently implemented a solution in our game to fake positional audio using panning and gain, and wrapped it in a CCNode subclass which can be used to add a sound source to your scene. There is a blog post describing it in a little more detail, or you can download the source and sample project directly from here.
Hope this is of any use to some of you, and if you have improvements or suggestions you know that to do :)
Cheers!
