LFO Question

Only had the LXR for a bit so please excuse my ignorance. The manual says that the LFO multiplies the destination parameter, and then implies that the maximum range of the LFO is 0-1. Is this correct so far? I'm guessing the modulation amount then alters this range to reduce its intensity, but not not by another multiplicative factor as the LFO doesn't seem to go to zero unless the modulation amount is 127, actually it seems more like the LFO amplitude stays at 1 for no modulation and the lower end of the amplitude slowly goes down to zero as the modulation depth decreases. Can someone please confirm these "observations" with more detail on how the LFO modulation really works? The reason I'm asking this is because if it is indeed implemented this way then the LFO kinda sucks for certain modulation destinations, like PAN, that you'd want to modulate symmetrically "up and down" about some mean value.
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