Well covered.
The basic thing is this:
Normalizing as a linked channel pair will not change the balance between channels; normalizing each channel independantly can change, and in most cases will change the stereo level balance between the channels, depending on the amount level of difference between them.
Threre are reasons for doing it each way. But like others have mentioned, typically you will want to get a good balance by ear and then nomalize as a linked pair to retain that balance.
Keep in mind that there are different types of signal level normalization: normalization based on peak levels, and nomalization based on RMS levels. The pair verses independant channel normalization statement about balance applies to both types.