1. Set VRChat to the Steam Audio Beta branch
  2. Join a world with audio sources on moveable objects, or have a friend who talks join you
  3. Move an audio source (or said friend) extremely close to one ear
  4. Note that the panning is not nearly as strong as it is on Live or Open Beta
Some difference is to be expected, but there's basically no panning whatsoever. This issue negatively affects existing worlds (ASMR worlds), interactions between users, and overall immersion for extremely close sounds.
Video demonstration
World: wrld_4bfde0c0-9941-4fe0-aab8-7819c9ec7db6