There's tricks you can to with panning to give you some stereo width.
But I use it as a way to define a place for the element at hand. Coupled with width control (more mono), then i have different layers acting on the stereo field.
Panning just by itself is alright, but the problem with that is it's left biased towards one side.
Reverb, delay, echo sends really help balance things out . Also, having different elements on the opposite side of one panned instrument also helps bring balance to your mix.
I use all of the techniques quite extensively. At first i thought, i could just use a stereo widening tool on my whole track, but i quickly realized that i shouldn't touch the master at all until the mix is absolutely done.
I use reason, and the mixer channels have a built in width control, but you can only go to 100 percent. Which is fine, because i have to subtract some of that width any ways, very rarely do i have to make things wider.
That subtraction that happens allows more for the stereo effects to breath and be heard in the track. Like your reverb, delays, echos, phasers, chorus, flangers.
If you couple that with eq on your element and send side, you have a recipe for a pretty sweet mix.
This is a more fundamental approach than what some other people might say, but it's simple and easy to use and can lead to a better understanding of other things.
I don't mess with mid side processing, because one time i did that in ableton's eq, and i nearly threw up. It really fucked up my orientation and balance for a few minutes. good experiment, wouldn't not want to do it again voluntarily.
I also suggest you make your pan adjustments in the mixer. Unless you have some kind of capability, in reason it's called the combinator, to have a mixer before the main mixer. so then you can have different mixes, pannings, eq settings, effect sends, busses all before you hit the main channel. I know FL has that capability now with that one tool...the patcher i think? it's a little different, but you can do some pretty cool routing. It would be very intersting if you had a mixer board VST, as i described...
But i say yes, panning happens with any thing and every thing when it comes to music. Depending on how and where you use it is the decision you will have to make as you progress.