Nicest thing i did see on a TV set was:
Mute on / mute symbol for 2 seconds
Mute off / sound !!
When Mute is on : a push on the volume buttons / mute symbol appear for 2 seconds so you now that mute is on, no change in mute
When mute is off / normal volume behavior
But 2 or 3 years ago i have made the mute file a one pixel picture, so personal I'm not bothered with the situation as it is now, only when I do a new install I have to make some changes.
I have the sound often muted, while listening to some music from my PC
I do not want that ugly mute symbol the whole time on my screen.