Well, that's one of three marks checked on my hours-old MBA 13/i7/8/512.
That ESPN clip is all over the place. Comparing it to my iMac where the audio is perfect, the MBA is just turning the volume up and down like crazy.
I was kind of expecting it to be "compressor-like", in that a loud sound would cause it to turn down the volume excessively for some period of time. If anything, it's the opposite. A brief period of silence will provoke the speakers to turn down the volume.
Also, the "noise cancellation" idea doesn't sit too well with me, as ambient noise doesn't have any effect on the volume. I've tried making tons of noise near the mics and staying completely silent — neither has any apparent effect. The volume goes up and down as it pleases.
EDIT: The idea about it dropping after a short period of silence doesn't seem true (all the time). Mine just dropped about 20 dB in the middle of a sentence.
<Edited by Host>