In principle that's correct.
In the right setting, a centered sound seems to come from in between the speakers.
Whereas panned sounds (left or right) can be perceived as coming from anywhere between the middle and the far sides, depending on how hard you pan.
Modern records try to make use of the whole stereophonic field from left to right. (imagine a virtual orchestra)
At some Beatles records the vocals are panned hard to one side (Eleanor Rigby is one I recall). If you shut down one speaker, you hear only the instrumental.
This stereo effect is achieved by different volumes of a sound at the left and the right channel. The louder on one side, the more it is perceived as coming from there. Also, like in real life, it can be a mixture of volume, time and frequency. Imagine a sound coming from your left. It will be heard louder on your left ear than on your right. Also the sound arrives at your left ear earlier, than on your right. Also, it arrives at the left ear directly, whereas some frequencies are omitted while traveling to the right ear, beyond your own head (you gotta listen to "
dummy head recordings", to realize what difference your head alone can make).
This is, why we rotate our heads when trying to locate sound sources. And this is why it is hard to locate, if sounds are reflected heavily from surfaces.
