I've only noticed this when listening to music and playing games at the same time (iPhone 4s 5.1.1).
I have the volume on 50% (which is loud enough). When i open a game at the same time, my volume cuts in half. if i put it to 100% it's about the same limit as i had it on previously. (volume limit off, set to full volume and sound check off). I recevied a mail notification and the volume shot back up to 100%.
I may have found a quick fix for the issue without resetting, but i can't replicate the volume "bug" as such.
Perhaps someone with the same problem can try:
If you're listening to music and the volume is lowered suddenly on a notification and doesn't revert to normal volume, go to the homescreen and hold the middle button down to invoke siri. Simply cancel it immediately and the volume of your music should return to normal. You might want to lower it from full first 😉 (worked for me but mayb be other serious issues affecting your problem).