Very strange. I disabled Dolby Digital 5.1 and Dolby 5.1 (so only linear stereo was enabled), and audio was fine (although in stereo). I then enabled Dolby 5.1 - still OK audio. And then I finally enabled Dolby Digital 5.1, as it was in the beginning, and audio is still OK! So, don't know the exact cause, but I'm a happy camper now.
Just received F1 2014, and audio stuttering makes it 100% unplayable. Audio plays for about a second, then fades down and mutes for a second, then fades up and plays again. Any hints on how to fix this? Audio is fine in all of my other PS3 games.