Several of you are right on the money, especially TR and the "Ric" owners. You can have stereo bass and you can have it in several different flavors.
If you have a true stereo bass it has two independent sends coming from 2 independent pickups that can be processed individually. The signal can also be combined into one mono send before it leaves the bass.
Upon leaving the bass as a mono send the sound can processed with an electronic crossover thus providing 2 independent sends. One send is composed of frequencies below the crossover point and the other is composed of frequencies above the crossover point. This will allow for more finite eq tweaking and allow for panning on 2 planes instead of one.
Also, the other option is to split a mono send, resulting in two or more identical sends that may be processed separately. These can be recombined providing a different voice for the bass. This effect can be used to provide a richer voice for the bass by stacking the tones as well as allowing dual plane panning options.
I prefer the simplest method, just run a mono send and eq for the best representation and pan to the middle. However I have had the other options used on my bass by other engineers.
As far as panning goes, I`m confident in what I`ve learned from this site, that bass is best sittin in the middle of the bed with the basic drum kit, unless in an acoustic combo situation where there is a need to recreate a virtual positioning of the acoustic players in the sound field.
Thanks guys. I just was curious as to how other bass players thought on this.