Let's say that in a moment we have 1V in L and 1V in R, totaly correlated, instant voltage, no AC signal. In M I have L+R so 2V in S L-R so 0V. When I came back and decode I have M+S or M-S so I have 2V in both channels. I have 6dB boost when encoding decoding. I don't know if I have something wrong... If I use a summer with gain 1 then 1V+1V is 2V and 2V+0V is 2V. The same if I have gain of 0.5 in the first stage and gain of 2 in the second.
offtopic:
I use 2 different mics, usually a dynamic and a condenser. To archive a 'central' point I just listen it moving a fader and put it at the center, then I take this difference for the rest of the song... It may vary in some parts of the song because the singer had moved a little closer to one mic or the other, I usually put the dynamic closer, so if the singer goes away the dynamic will be lower than the condenser in comparison.
Those variations don't bother me, a slight change from side to side gives more life to the vocals, the decorrelation takes it closer to the listener in the mix... The only thing to have in mind is the mono version, the vocals will take about 3dB to the back than kick, snare and bass but stay with the level of guitars and such. I don't pay much attention to the mono listener because if it's listening in mono you have one of two cases,
The first, the radio or whatever isn't so good so no hi fidelity nor high nothing there. He is listening in a mono radio with a single 3" speaker to an AM or mono FM or too far away the station, anyway he won't hear a nice sound.
The second option is the listener it self doesn't bother in plug it stereo and is just listening in mono with a super fancy stereo, in this case he could be listening only L or R or in the best case Mono. If he doesn't work to listen it right I won't make that job. A friend in his music shop has a JBL510 with only L (or R, I don't know), what can I do!
All this consideration gives me more freedom to play with stereo, even with canceled things to have that effect or with stereo to vocals, I take care that don't cancell too much, I correct the delay by hand and phase inverting if needed, no more than that. It works for me and in the mastering studio I usually take my mixes like it.
JS