@ tan1415
Yeah...pretty much...well...kind of.
What you experience though depends a great deal on the acoustic boundary conditions at your ears; some people say they prefer listening to binaural content with open-back phones as compared to closed back or in-ear etc. However, there are many factors that determine what your experience will be, and whether open or closed is but one element. I mean, open-back phones make sense from a boundry condition standpoint, but if you were using open-back headphones with some really uneven frequency response, I don't think that would present as well as using closed back phones that have more controlled / uniform frequency response.
Note though...some headphones out there actually blend a small amount from left-to-right and vice versa (yes, they introduce cross-talk in an attempt to make the headphone experience more 'speaker-like'). However, for binaural to work best, you really do need to minimize the cross-talk; your right ear should only hear what the right ear of the mannequin microphone 'heard', and thus, the same would apply to the left.
That's just a back-of-the-envelope statement though - tons of research has been done (and continues) on this very subject (the work of Moeller, Hammershoi, et al...many others). If you are technically-minded (and if you're in this forum, you probably are), a good place to start is the Monograph published by the Audio Engineering Society (written by Mme. Rozenn Nicol of Orange Labs):
http://www.aes.org/publications/monographs/
My best advice to you though is to experiment with different types of headphones and see what differences you note as you listen. After all, what you experience is all that matters, and you may find that one particular set / style of phones are most to your liking. Who knows?