Same thing for me, it will register the mic. This is what I did. Unplug the audio from the mobo and disconnect your headset so there's no audio output whatsoever. Open up the realtek icon on the bottom, above the word analog is a folder, click that and check "disable front jack detection". Then plug in your headphones, it should register and you should hear static in your ears while you're inserting them. From there you still won't hear anything. TURN OFF YOUR COMPUTER, not restart, i mean turn off, then when it's off, flip the switch on the power supply; we're talking totally dead here. then turn the whole thing on, plug in your speakers, keep the headphones in and you should hear the microsoft sound playing when you log in.
If that doesn't work, write Realtek hate mail like I do almost regularly, it's kind of funny because they don't even speak english correctly, and i'm supposed to trust them to deliver quality products? :thumbsdown: And you can always try installing the newest drivers from their website too, althought I found that actually cut the sound out for me alltogether and I had to do a system restore to get the sound again.
Hope that works for you, it's a bug and nobody knows who's fault it is.