Just a quick comment, since the issue is mentioned above. If a sound is from a single source, it is truly mono, yet many will initially want "stereo." Recording mono comes into play during the mixing phase, since the concept of "stereo image" is created by giving things a "3D" feel. This is often explained similar to a stage... left-to-right is the speaker placement, vertical is frequency, and depth is loudness/reverb (bear in mind that reverb crates depth so is best used sparingly on something which should have focus).
Depending on genre, the stereo image then requires separation of the sounds so that they do not mask other sounds. Mono (for a true mono source) allows for panning to be effective, which was mentioned above. The "mechanics" of panning require a sound to be in mono.
Please forgive me if this is information you already know, but there are many "new users" who get tripped up on stereo image and get frustrated with mixing off the bat. Bottom line for panning is really to record mono sources as mono. Bitflipper has a nice post from months ago talking about mono/stereo and when to use them.