Where a lot of confustion comes in here is that once it gets to the DAW, some phase issues are already locked in and cannot be corrected by a simple time shift.
Benny is absolutely correct in his description and use of the time slide to line up phase issues *caused by simple delay* in time between the two waveforms. This is how many such issues arise, and how many such issues are solved.
But it's important to remember that some phase issues are still going to be built into the waveforms, and no amount of sliding back and forth can help. Even if one compensates for delay, there will be instances where the amplitude at a given frequency will be different between the two waveforms because of the distance/wavelength relationship itself. If, for example, the two mics are placed so that one is a half-wavelength further from the source than the other at frequency x, even when one time-aligns the two recorded tracks, there is still going to be some phase cancellation at that frequency (and at mathematically related frequencies). That's just a simple theorteical example; in reality the phase relationships at many frequencies can lead to complicated distortions because if the mic placement.
The thing to remember about that is that once those waveforms are recorded and in the DAW, everything in that regard is set in stone and no ambout of time aligning is going to help. True time alignment is simply going to reproduce the phase problem. Trying to align the waves so that a problematic frequency no longer gives you phase headaches will only throw everything else out of time sync.
This is not a huge problem to lose sleep over, but it is important to understand that the two waveforms recorded in two mics are not identical and simply shifted in time, they do have variances in phase built-in based upon frequency as well. This means that some phase issues can be encoded right into the waveforms and cannot be resolved by sliding back and forth in a DAW; sliding back and forth of the microphones to get the best phase relationships across the board is the ideal solution there.
Again, it's usually not something to lose sleep over; proper mic technique and mixxing technique from the start will usually keep these kinds of problems to a minimum. But when it comes time where such issues do rear their ugly heads, it is important to understand the whole situation so you can troubleshoot it properly.
G.