Eldarford, one of the problems here may be in our definitions of terms. For example, you use the term "thump of the drum", and to me that implies harmonic content sufficient to allow pitch to be discerned. The pitch of bass instruments can be difficult to discern without the harmonics; try listening to a properly low-passed subwoofer with the mains off. Anyway if "thump of the drum" includes harmonics in the region where the ear is good at judging directions, then yes where those harmonics originate from does matter.
Phase coherence has become a buzzword, but is actually a relatively low priority from a perceptual standpoint. You see, the ear does not hear waveforms; rather, the inner ear deconstructs and processes incoming sound energy in a complex way that changes with frequency. The ear is especially poor at resolving phase in the bass region, as can be inferred from one of my previous posts. But the ear is pretty good at hearing
certain types of variation in frequency response, so I would argue that there's where our attention should be focused if high quality is the goal.
My bottom line is that acoustics and psychoacoustics can be highly non-intuitive, but quite a bit of real-world applicable research has been done.