I use the same cable and I get surround sound from it. The trick is to ensure that your 360 is in HDCP secure link mode via your HDMI cable. To test and or enable this mode, you will need to press the "input" button on your TV remote to switch the display to TV view, and then back to HDMI mode. After you do this, you will see "HDCP secure link" pop up on your screen, and then the surrond sound will kick in. The downside is you will need to do this everytime you use youur 360 in HDMI mode, but Microsoft should be coming up with a fix in their next dashboard update...hopefully ;)
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