Is the Torpedo Live mono or stereo?

The Torpedo Live is Mono In / Mono Out.

On the S/PDIF digital output with 2 channels, one channel is for the dry signal (i.e., with no simulation), and the other channel is for the wet signal (with simulation). Thus, you can can record while simultaneously playing a processed tone and a non-processed tone that you can later re-inject into the device (for re-miking), or into the Wall of Sound plug-in.