The sound localization process facilitates figure-ground discrimination.
There are some sophisticated, if not minimal cues for location that do come from a single ear in the form of the resonance created in the Pinna.
This is discussed briefly with some references for anyone who is interested, in the notes below.
There is one more contribution of Temporal Resolving Power, which I would like to point out.
It is the interaction of sound localization with figure-ground discrimination.
You might have noticed, if you have ever taped a lecture and listened to it later, that you were more aware of all the background noises than you were in the actual classroom.
This is because in the classroom, you were able to use sound localization to identify noise sources.
NOTES: Some data on monoaural sound localization
NOTES: Information on sound localization.
NOTES: More information on Sound Localization.