My beep seems to obey my volume preferences. I assume that's the normal behavior.

As for the F16 key, post any suggestions on what feature/app to bind to it. Since it's wedged between the volume keys (on the keypad) and the (unmarked) brightness keys, I'd suggest something hardware related. Blank out your iSight (like a visual mute)? Swap sound output between your speakers and headphones for people that want to keep their headphones plugged in all the time? Order pizza?

I'm pretty sure I've heard older white/clear keyboard referred to as the crumb-catcher. In any case, I definitely didn't originate the term.