No, more like the mics are AT the same point and pointing in different directions. Imagine two mics directly above the drummer, one pointing down towards the left and one pointing down towards the right. This is called a coincident pair because both mics are, as much as possible, at the same point.
The advantage of the spaced pair (| |) is that the mics tend to be right above the sound. the disadvantage is that if the wavelength is some multiple of the difference in distance between the mics and the sound source you can get the two signals either doubling or canceling each other out. This is called phase distortion.