Since 13.04 I installed it and of course, everything seems to work just fine. However, it turns out that xfce4-volumed was upgraded in Ubuntu Raring.
Looking at the xfce git repo for xfce4-volumed, it was not released from there.
Instead, Ubuntu made it's own. And this made a lot of things more obvious: they added support for Pulseaudio. They replaced gstreamer with Pulseaudio to fix a lot of bugs related to somewhat more complex audio setups like bluetooth headsets and such.
Bottom line is, it's not working anymore with normal Alsa. I added my own keys (e.g. 'amixer sset Master (%1+|%1-|toggle)') for the respective keys. But, there is no visual display of volume anymore.
Does anyone know of a nice drop-in replacement?