I use dolby headphone mode (5.1, reference mode 1) for CS:GO. The in-game audio setting must be set to "5.1", *not* "headphones".
I cannot play without that anymore. The sound stage is much wider and it's easier to tell where sounds are coming from. In comparison, normal 2-channel "headphone" mode makes it impossible to tell whether sounds are coming from the front or from behind.
All games are way more enjoyable with it. You do actually feel there's stuff happening around you. Stereo just makes everything sound close together, as if the sounds are coming from inside your head rather than from around you.
For me, it was one of those things where I didn't even know what I was missing until I tried it. For it to work well though, you need good stereo headphones, preferably semi-open or open. Closed ones will produce a narrower sound stage. I use semi-open ones. "Gaming" headsets might not work too well with it though. You need *proper* headphones, not "gaming" crap.
Note: there's some software-based solutions for headphone surround sound out there (like Razer Surround), but they don't sound very good. Razer's software for example doesn't come close to the dolby headphone mode of the Xonar D1 sound card I'm using.
The views and opinions expressed in my posts are my own and do not necessarily reflect the official policy or position of Blur Busters.