Before the v 2.0 update, the back part of the amp would get up to 107F (this was a strip at the back bottom); the rest much less warm. So I added a USB fan (~$10 from amazon) and that basically took care of that.
With the 2.0 update, I experimented with turning off the fan and after ~2-3 hours of listening, the hottest part of the amp was about 101F. With the fan it is cooler. Thus the vents have definitely helped but since the fan basically makes no noise that I can hear (once I'm more than a couple of feet away from it) I've left that going.
As far as which channel is which, every amp I've ever used works the way you describe: as you face the amp, the left side is for the left speaker and the right side is for the right speaker.