If by "round-robin" you mean by destination only, then this is correct. However, if you strict per-packet load sharing regardless of flow, then CEF does have this capability, although the default behavior is the flow-based load sharing you describe.
http://www.cisco.com/univercd/cc/td/doc/product/software/ios120/12cgcr/switch_c/xcprt2/xccefc.htm#33184 However, IIRC, code stability issues have plagued this feature in many IOS releases; I recall Intermedia selling a "bonded T1" product that used this feature, and supporting it was...not pleasant. -C > We used CEF in 11.x and it behaved the same way. It was never round-robin > in any way we could observe.
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