Sound quality disproportionate when panning

No.
Run the track(s) through a spectrum analyzer, such as Voxengo SPAN.
This may reveal a difference in the left and right channels of the track itself.
Check your soundcard settings and monitors. You may find something subtle, like a pan setting in the sound card, or a blown midrange speaker. Check your connections. All good, clean, and tight?
it is extremely unlikely that the software itself would cause such an imbalance, but there are numerous other variables that could.

Are you panning a stereo or mono track? Try it with a mono track. If its not the same, then there is something wrong with your speakers.

Just a quick run down to answer everyone's questions:

    a: Track is recorded in mono, I tried switching between stereo and mono in the track properties and had the same results.

    b: As far as monitoring goes, I tend to alternate between headphones and studio monitors, again the same results through both.  So I'm going to rule out that it's a blown speaker.  Also, as a side note, the monitors were bought new just a few weeks ago. So again, unlikely that it's the speakers.

    c: I cloned the track and panned one hard left and the other hard right and ran it through the Cakewalk analyzer from the effects bin with the readout set to average and max. I had varying results. The first run through I was messing around with different settings on the analyzer and it showed that the left side was a little lower in the bass spectrum.  However for the second run through I deleted the analyzer from the effects bin then redeployed it starting with the avg/max setting and the levels came out exactly the same. Why restarting the analyzer made a difference I don't know, but again, the levels came out the same the second time playing the track.

    d: I checked my sound card settings (Echo Layla 24) everything seemed to be as it should.  I made sure that any panning within the soundcard console was hard left and hard right.  Rerecorded the track and had the same results. I thought that maybe because I have input 1 pan set to hard left and input 2 set to hard right that maybe that had something to do with it, so I set the pans to center for both and recorded a track and still had issues. Also it happens regardless which input the track is recorded on, the left side is always attenuated compared to the right.

Another side note, I have a friend who also uses Cakewalk (not sure which version) and he runs through an M-Audio soundcard and says he noticed the same issue when he tries to mix. I wanted to check if this issue was only isolated with Cakewalk so I installed Audacity and recorded a track and I ended up having the same problem with it as well. So it leads me to believe there is something screwy with my soundcard setup. Now I just have to figure out what it is. I've checked everything I can think of to no avail. And I find it odd that my friend has the same issue running a completely different card. I'm definitely perplexed. Anyone with a lot of knowledge on soundcard setup have any suggestions? I also wonder if it could be some kind of weird issue with Windows XP? That is the OS we are both running on, though if that were the case I'm sure that this issue would have been brought to light a long time ago by a lot of other people.