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The bug that has always bugged me is still there, i.e., Mail plays sound whenever there's junk mail in the junk box filtered out with rules. :mad:
Maybe consider using SpamSieve. You can turn off mail sounds and have the spam program alert you only when you have real mail. Plus it is just a great spam program vs Apple's Junkmail system.
 
Yes, it works!

After booting up lion and setting up my mail accounts, I heard a sound that I haven't heard in many many many years. I was literally taken aback when my mac made that sound for the first time in so long, but I am definitely glad it's back.
 
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