Comment 14 for bug 483900

For those interested, I've made some changes to the existing 01Pulseaudio script, which now reads the muted state of each sink/source and saves it using pm-utils' savestate and restorestate features. This should provide an answer to both issues, i.e. glitches in sound when suspend/hibernating/resuming as well as this bug. Below is a link to the file in my bzr branch.

http://bazaar.launchpad.net/~hyperair/pulseaudio/ubuntu-save-muted-state/annotate/head:/debian/01PulseAudio