My headphones are a bit damaged it seems and the left has higher volume than the right. It isn't my ears, the song or the device :). Is there a program to change just one speaker's volume? Lion allows you to set the balance, but I don't think this is the same thing - it would lead to the sound shifting into the left speaker, effectively reducing the stereo effect. Windows 7 can do this, but I'm not quite that desperate.
Balancing changes the volume of both speakers at the same time.
Since it only changes the volume, there is not manipulation of the stereo effect (sound shifting).
For example: If you play a track that plays on the left speaker and then shift the balance to the very right - you will not hear anything. If you play a stereo track, you will only hear the right track in the same case. This can be very easily verified using this this sample track.