A lot of times the drums will sound extremely echoey when you try this trick, as a consequence of how the drums are recorded. A lot of studio engineers will close-mic the drums and pan them front and center, so they get canceled, immediate overhead mics will have some stereo seperation, but not much, so they mostly get cancelled out too, and all you’re left with are the microphones which are placed 30’-40’ away from the kit to catch the ambience of the room. Engineers/producers/mixers usually pan these microphones to the extreme left and extreme right, because that’s pretty much the best way to get the live room effect.
Or, on most of the earlier Smashing Pumpkins recordings you’ll hear guitars, and only guitars. This is because Butch Vig and Billy Corgan loved to record 20 different guitar tracks all playing the same part and then spread them across the stereo spectrum, and keep everything else more or less front and center.
My final note on this is that I usually find the trick is the coolest with recordings that are very complex; Nine Inch Nails, Radiohead’s Ok Computer, and Smashing Pumpkin’s Adore all sound absolutely fantastic doing the stereo cancellation thing.