Yes, for good reasons that may or may not pertain to a living room listening environment.
if they were to use stereo on a PA system, on let's say, a big jazz concert, the people sitting in the front left rows, would only hear sounds coming from the left side of the podium...
@radiotubes: nice to say you're citing things from a 1953's book... back when stereo wasn't really what it became later.
And indeed, the radiotron designer's handbook states that stereo is an illusion (not "merely" an illusion). But, then again, last time I checked when I put on a record, or popped in a cd, a band didn't magically appear in my room. This is what every proper reproduction system (including mono, and every other form of reproduction) is about, an illusion. Just like the mono setup is used to create the illusion, of being there with the artists. And just like JoeSP9 stated, stereo just happens to do that better.
honestly, why would one think that sound comes from a single source only?
do a quick test, put 3 people in a room one in the left & right corner, and one in the middle, than stand in front of them, and ask them to speak or sing. Do all the sounds come from the middle? or from the left? I don't think so. Just in case when they do, get your ears looked at.
Mono recordings, are there however, and just like you can't make a stereo recording sound good on a surround system (with all the ugly upmixes out there...), mono recordings are best on mono system (not saying that a good stereo setup, with "mono" setting on the amp, preamp, ... can't perform pretty good...)
think about it...