I'm having the same exact problem.
I also had this problem quite frequently with my first generation iPhone.
I think it might just be a bug in the OS that hasn't been fixed yet.
Hopefully Apple will fix it with the next update.
But a temporary fix is to restart the phone.
It should work at least for a little while.
Also, I just read that a user said this only happens to him when he has his text alert set to "Chime" and that is what I have mine set to, as it seems to be the loudest one. I have not tested the other ringers to see if the problem persists.
i did a full restore last night...was working fine...this morning...no text alert sounds...i even tried switching to different alert sound...still nothing..
I just moved the silent switch on the side to silent then back to the sound setting..and the sound alerts started working....im on the phone with apple support
I believe i started one of the first posts for this issue yesterday, i tried reset from the settings menu and that worked for a couple hours but it started again. Next time around i shut the phone off for a couple minutes and ever since then it has been working fine (knock on wood). I think shutting off and turning on is the best fix as you dont have to change all your settings around afterward.
Judging by the amount of people with this issue i would assume its a software bug, which we all should have expected with a new device and software upgrade.
i'm still on the phone with them right now....the first agent doesn't know or hasn't heard of this before..we are getting another rep that is higher than him...im doing my own testing and seeing what is causing this...here is what i am finding right now while on my the phone...
Loopt the application is changing some sounds (from what i am finding)...after i open loopt i don't get any text messaging sounds only vibrates...i do a soft reset and get sounds again..after i went into loopt..sent myself a text message..i don't get any texting sound
The Customer service agent came back on and told me they have had reports that it is the loopt application causing this issue and it is a software problem...
he said by the end of the week, do a software restore on the phone and they might have a fix for this problem...
apple really needs to come out with a firmware update now they should be working 24/7 to make this update perfect hopefully will be relesed soon lets up they are working on it