[Milestone 2 Android Development] thenexor:
I used the default sms app and baseband EU 2.34, same result with 2.2.1:

W/AudioFlinger( 1243): Using HARDCODED_FAST_TRACK_LATENCY setting = 160
D/AudioHardwareMot( 1243): doRouting devs: stereo 0x2, mono 0, input 0. Chose speaker Speakerphone (gain 0xb) mic None (gain 0x1c1c)
D/AudioHardwareMot( 1243): Output 0x2a00ca98 exiting standby
D/Mms ( 3113): [SmsMsgSender] updating Database with sub = 0
D/AudioHardwareMot( 1243): Output bufSize from kernel = 8192
D/AudioHardwareMot( 1243): Output bufSize from kernel = 8192
D/AudioHardwareMot( 1243): Output bufSize from kernel = 8192
D/AudioHardwareMot( 1243): Output bufSize from kernel = 8192
D/AudioHardwareMot( 1243): Output bufSize from kernel = 8192
W/InputMethodManagerService( 1640): Window already focused, ignoring focus gain of: com.android.internal.view.IInputMethodClient$Stub$Proxy@41a9ddf8 attribute=null, token = android.os.BinderProxy@41a9b9e8
V/SmsReceiverService( 3113): onStart: #1 mResultCode: -1 = Activity.RESULT_OK
V/SmsReceiverService( 3113): onStart: #1 mResultCode: 1 = SmsManager.RESULT_ERROR_GENERIC_FAILURE
D/AwesomePlayer( 1243): Before reset_l
D/AwesomePlayer( 1243): printFileName fd(30) -> /system/media/audio/notifications/Argon.ogg
I/AudioService( 1640): AudioFocus requestAudioFocus() from android.media.AudioManager@41836ab8

I've never had this problem before (tried the last few from this thread too), but a factory wipe would solve my issue, here's after i wiped:

W/AudioFlinger( 1236): Using HARDCODED_FAST_TRACK_LATENCY setting = 160
W/InputMethodManagerService( 1650): Window already focused, ignoring focus gain of: com.android.internal.view.IInputMethodClient$Stub$Proxy@417d9380 attribute=null, token = android.os.BinderProxy@4195ebc8
D/AudioHardwareMot( 1236): Output bufSize from kernel = 8192
D/AudioHardwareMot( 1236): Output bufSize from kernel = 8192
D/AudioHardwareMot( 1236): Output bufSize from kernel = 8192
D/AudioHardwareMot( 1236): Output bufSize from kernel = 8192
D/AudioHardwareMot( 1236): Output bufSize from kernel = 8192
W/AudioFlinger( 1236): Using HARDCODED_FAST_TRACK_LATENCY setting = 160
D/Mms ( 2635): [SmsMsgSender] updating Database with sub = 0
D/AudioHardwareMot( 1236): Output bufSize from kernel = 8192
V/SmsReceiverService( 2635): onStart: #1 mResultCode: -1 = Activity.RESULT_OK
D/AudioHardwareMot( 1236): Output bufSize from kernel = 8192
D/AudioHardwareMot( 1236): Output bufSize from kernel = 8192
D/AudioHardwareMot( 1236): Output bufSize from kernel = 8192
D/AudioHardwareMot( 1236): Output bufSize from kernel = 8192
I/ ( 1270): opprofdaemon: OPPROF_DAEMON_translate_message(): Enter
I/ ( 1270): opprofdaemon: handle_bp_message(): Enter
I/ ( 1270): opprofdaemon: handle_count_ind(): Enter
I/ ( 1270): opprofdaemon: OPPROF_TRANSPORT_P.cc: handle_count_ind(): line=234: BP count event=107
I/ ( 1270):
I/ ( 1270): opprofdaemon: OPPROF_DAEMON_handle_count_events(): Enter
I/ ( 1270): opprofdaemon: OPPROF_DAEMON_handle_count_events(): Exit
I/ ( 1270): opprofdaemon: OPPROF_TRANSPORT_P.cc: handle_count_ind(): line=252: OPPROF TL: count_ind
I/ ( 1270): opprofdaemon: handle_count_ind(): Exit
I/ ( 1270): opprofdaemon: handle_bp_message(): Exit
I/ ( 1270): opprofdaemon: OPPROF_DAEMON_translate_message(): Exit
V/SmsReceiverService( 2635): onStart: #1 mResultCode: -1 = Activity.RESULT_OK
D/Mms:app ( 2635): cancelNotification
D/AudioHardwareMot( 1236): AudioStreamOutMot::standby called
D/AudioHardwareMot( 1236): Output 0x2a00ca98 entering standby
D/AudioHardwareMot( 1236): Closing Output device
I/ ( 1270): opprofdaemon: OPPROF_DAEMON_translate_message(): Enter
I/ ( 1270): opprofdaemon: handle_bp_message(): Enter
I/ ( 1270): opprofdaemon: handle_count_ind(): Enter
I/ ( 1270): opprofdaemon: OPPROF_TRANSPORT_P.cc: handle_count_ind(): line=234: BP count event=10b
I/ ( 1270):
I/ ( 1270): opprofdaemon: OPPROF_DAEMON_handle_count_events(): Enter
I/ ( 1270): opprofdaemon: OPPROF_DAEMON_handle_count_events(): Exit
I/ ( 1270): opprofdaemon: OPPROF_TRANSPORT_P.cc: handle_count_ind(): line=252: OPPROF TL: count_ind
I/ ( 1270): opprofdaemon: handle_count_ind(): Exit
I/ ( 1270): opprofdaemon: handle_bp_message(): Exit
I/ ( 1270): opprofdaemon: OPPROF_DAEMON_translate_message(): Exit
I/ ( 1270): opprofdaemon: OPPROF_DAEMON_translate_message(): Enter
I/ ( 1270): opprofdaemon: handle_bp_message(): Enter
I/ ( 1270): opprofdaemon: handle_count_ind(): Enter
I/ ( 1270): opprofdaemon: OPPROF_TRANSPORT_P.cc: handle_count_ind(): line=234: BP count event=10b
I/ ( 1270):
I/ ( 1270): opprofdaemon: OPPROF_DAEMON_handle_count_events(): Enter
I/ ( 1270): opprofdaemon: OPPROF_DAEMON_handle_count_events(): Exit
I/ ( 1270): opprofdaemon: OPPROF_TRANSPORT_P.cc: handle_count_ind(): line=252: OPPROF TL: count_ind
I/ ( 1270): opprofdaemon: handle_count_ind(): Exit
I/ ( 1270): opprofdaemon: handle_bp_message(): Exit
I/ ( 1270): opprofdaemon: OPPROF_DAEMON_translate_message(): Exit
V/SmsReceiverService( 2635): onStart: #1 mResultCode: -1 = Activity.RESULT_OK
V/BlacklistProvider( 2012): Query uri=content://blacklist/bynumber/%2B393424111708, match=2
D/SmsReceiverService( 2635): handleSmsReceived messageUri: content://sms/5 threadId: 2
D/AwesomePlayer( 1236): Before reset_l
D/AwesomePlayer( 1236): printFileName fd(29) -> /system/media/audio/notifications/Argon.ogg
I/AudioService( 1650): AudioFocus requestAudioFocus() from android.media.AudioManager@41b56b98

But now I've restored the (non working) backup, because I have already spent a lot of time customizing it :(

I've tried clearing app caches and stuff like that, will update if I come up with a solution...