It is still broken. If you choose Desktop audio it is still broken, as in 4.1. If you choose External audio it works the same as in 4.1, not broken. Nothing improved or changed from 4.1. Try both playback settings and please report if you see other behavior. What is your video card and driver?
oh aha oh oh ahhhh ....dang!!!... you are right - I'm using Radeon HD 4800 drv vers. 8.632.1.2000
Um...works with desktop audio on my other "computer" monitor - doesn't work with external monitor using desktop audio.......hmm...well..on the plus side I could swear it didn't work either way before the upgrade to 7 but I did have to upgrade my video drivers as well with 7. Most of what I do is destined for the web so I don't use my external tv monitor much these days. Still not good.
It has been my experience that the leadtime to correct bugs is usually one year or longer, often just in time to make it to the next paid upgrade. So maybe Adobe corrects this in CS5 and you have to pay dearly $$$$ to have that bug corrected, or at the latest in CS5.2 by 2011.