Alsa Master is Mono?

[William Ballard <nospam_40811@alltel.net>]

I have Audigy2.  I've done no special twiddling.  I use Kernel 2.6.9 
with built in Alsa.

Part of the output of "amixer" is:
Simple mixer control 'Master',0
  Capabilities: pvolume pvolume-joined
  Playback channels: Mono
  Limits: Playback 0 - 100
  Mono: Playback 50 [50%]

I use commands like "amixer sset Master 30%" to control my volume.
Please tell me this doesn't mean all the sound coming out of my computer 
is Mono.  Is it just calling it that because there's only one "master" 
volume to set?  If not, why is it mono and not stereo?