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See proposal in http://lists.w3.org/Archives/Public/public-audio/2012JulSep/0614.html
We've had a bit of discussion about this on the list.
Reference to (fairly meaty) discussion thread on the list: Starts here: http://lists.w3.org/Archives/Public/public-audio/2012JulSep/thread.html#msg614 Continues here: http://lists.w3.org/Archives/Public/public-audio/2012OctDec/thread.html#msg23 Quoting Chris in http://lists.w3.org/Archives/Public/public-audio/2012OctDec/0061.html “If the intention is to control multiple AudioParams (living on different AudioNodes), then it's easy to create an AudioGainNode and use that as an envelope generator which can be connected to all of them. And yes, this does work just fine :) So, in other words, this envelope node does already exist in the form of an AudioGainNode.”
Seeing no objection to Chris' comment in nearly a month, closing.