An issue with the volume control on the Galaxy Nexus handset spontaneously going to zero plaguing some UK users have been addressed and fixed, Google said in an official statement to The Verge:
We are aware of the volume issue and have developed a fix. We will update devices as soon as possible.
This is good news for owners who feared the volume bug was actually a hardware flaw with the device whereas it was actually a software thing. Google will likely squash this bug with a next point Ice Cream Sandwich update delivered over the air. A video clip, included below, outlines the bug which manifests itself as another phone is put near a Galaxy Nexus device, causing it to cycle through the menu in bootloader mode, activated by the volume rocker.