Same issue. Using fglrx radeon 5650. Worked fine in 11.10. I have a different 
"workaround":
I plug in HDMI, only after that i can choose the input on my tv. There is no 
HDMI output in sound settings. If i plug out HDMI and plug it in again, it will 
be in the settings.

Doing a short watch "dmesg | tail -20" got me:

Plug in - TV is not set to HDMI-Input (no entry in settings):
[ 2678.137879] HDMI hot plug event: Codec=0 Pin=3 Presence_Detect=1 ELD_Valid=1
[ 2678.137899] HDMI status: Codec=0 Pin=3 Presence_Detect=1 ELD_Valid=1
[ 2678.137950] HDMI hot plug event: Codec=0 Pin=3 Presence_Detect=0 ELD_Valid=0
[ 2678.137965] HDMI status: Codec=0 Pin=3 Presence_Detect=0 ELD_Valid=0

Selecting HDMI on TV (nothing happens) - plug out, plug in (entry in settings):
[ 2678.161597] HDMI hot plug event: Codec=0 Pin=3 Presence_Detect=0 ELD_Valid=1
[ 2678.161621] HDMI status: Codec=0 Pin=3 Presence_Detect=1 ELD_Valid=1

Unselecting HDMI on TV (entry in sound settings gone)
[ 2707.224468] HDMI hot plug event: Codec=0 Pin=3 Presence_Detect=0 ELD_Valid=0
[ 2707.224494] HDMI status: Codec=0 Pin=3 Presence_Detect=0 ELD_Valid=0

Selecting HDMI again does nothing.

Im no expert in this things, but to me it seems that pluggin in the
first time first is detected, but immediatly set to ELD_Valid=0 after
that. Pluggin out and in with selection on TV leaves the state valid and
switching input on TV unsets Valid. In my case at least best option
would be to show HDMI in sound settings and never "unload" it, if
detected one time? Right click->disable input as option to disable it
again?

It worked perfect in 11.10.

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You received this bug notification because you are a member of Desktop
Packages, which is subscribed to gnome-control-center in Ubuntu.
https://bugs.launchpad.net/bugs/974963

Title:
  [soundnua]: hdmi audio missing in sound settings

Status in “alsa-driver” package in Ubuntu:
  Incomplete
Status in “gnome-control-center” package in Ubuntu:
  Invalid

Bug description:
  When using sound settings, under unity, the option hdmi-audio is
  missing, while under gnome-panel it is available and works fine.

  Steps to reproduce: 
  log into unity 
  select system settings -> sound settings
  only analogue output available.

  Now log into gnome panel:
  same procedure as above

  hdmi audio is there and works.

  ProblemType: Bug
  DistroRelease: Ubuntu 12.04
  Package: gnome-control-center 1:3.4.0-0ubuntu4
  Uname: Linux 3.3.0-030300-generic x86_64
  NonfreeKernelModules: fglrx
  ApportVersion: 2.0-0ubuntu4
  Architecture: amd64
  Date: Fri Apr  6 10:48:11 2012
  InstallationMedia: Ubuntu 11.10 "Oneiric Ocelot" - Release amd64 (20111012)
  SourcePackage: gnome-control-center
  UpgradeStatus: Upgraded to precise on 2012-03-26 (10 days ago)

To manage notifications about this bug go to:
https://bugs.launchpad.net/ubuntu/+source/alsa-driver/+bug/974963/+subscriptions

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