And that'll be wherever the camera is at the moment? Will you get different sounds or different feels for it?

Exactly. That kind of footfall technology is on all the NPCs walking around the deck as well as your own character. If you're in a multiplayer scenario and you see your teammates standing there, you will hear all of their footsteps from the right place on the loudspeakers. So if someone walks from right to left, you'll hear the sounds go from right to left.