Double post time - Morning everyone. Edit: Thanks for saving me Lich!
Some of what I say might not apply to you because I mix rock / metal / classical and you seem to stick to electronic genres of music. Having said that, concepts definitely apply so I hope you can take something away from it.
Rock/metal
You have to start by making sure everything sounds good in mono before you go to mid/side because mid/side creates the illusion of space using the stereo spectrum but if the consumer listens on a phone for example, with a shitty mono speaker (I HATE THOSE GUYS and they're multiplying like a disease in the audio world) then your mix still needs to work for them.
I consider mid/side mixing among the final few steps for this reason.
You have to treat each frequency band and instrument differently. For example, I would never make a bass guitar wide using this, however I may slightly widen the low frequencies (below 130hz) of my guitar to give the bass more space and to keep that area cleaner. Consider that my guitar has a high pass filter at about 100hz anyway.
I tend to reduce the mid content for electric guitars too, to give space to other instruments (piano etc).
Now for the high frequencies, I usually use mid/side to make my cymbals sound wide, and I also widen the high guitar frequencies quite a lot. This gives space for vocals. Don't use phase to widen stuff, this will only sound good in a few situations and usually sounds terrible on headphones (because your brain using this delay of 1ms or less to detect WHERE something is coming from. If it comes in early it's REALLY confusing!). It creates all kinds of issues elsewhere too (tried listening on a TV?! Those guys will spit all over your "perfect" mix).
Anyone looking for a FREE tool to do this with, try Melda Production's free bundle. Their EQ can be set to mix mid OR side. Just put two on each track to mix each separately! :D However I use Ozone 5.