Maybe I phrased it wrong... Let me try again: It does make sense because when a
sine wave is emanated from a source that wave doesn't just travel in a linear path forever and always; that wave has to spread, otherwise a
speaker would only work if you are sitting directly in front of it. Yes, I realize that is where you get the best sound, but if you are 20' in front and 20' to the left of a
speaker you will still be able to hear very well.
Placing a mic near the floor is the same principle. While you won't
pick up the sound wave at it's prime, you should
pick up the majority of the sound. This is not ideal to mic an actor, but for picking up audience noise it will work given the mic is a decent distance away from feet. You don't want to be picking up shuffling of feet (which is much quieter than clapping and occurs less frequently).
I'll try to find where I read this, but it was a few years ago. Try it out with your own ears: turn your stereo on and lie on the floor. You will be able to hear the music without a problem.