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Stereo can adjust the stereo width and panning. It also displays the current balance and channel correlation visually:
Stereo shines on it's own, but it was primarily created to power up the different "Snapin Hosts" Kilohearts offer. These are bigger effects units that utilize all the available snapins and give you a really fun and creative workflow for combining them in any way you can think of. So have a look at Snap Heap and Multipass right now.
Stereo is also available as a Rack Extension for Reason over at the Propellerhead shop.