Scenario:
As of 15 November, the two answers I have received do not address my question, which was
"Is this [a single session variable] a strong enough security measure by itself?"
This question says yes, but there seems to be some dissension. Here is a summary of the various results:
1) A single session variable is not enough security since a session can be hijacked fairly easily.
2) Since this can occur, no session is truly safe, but it can be made safer with the addition of a fingerprint. This ensures a unique, repeat-able check each time a session needs validation. @zerkms recommends a hash of User-Agent and a few others (refer to his code).
3) Salting the fingerprint is mostly useless since it obscures the data but is replicated on every client machine, therefore losing its unique-ness.
4) A database solution is useless since it is a client-side problem.
Not the definitive answer I was looking for, but I suppose it will have to do, for lack of anything better.
Reading that has helped/confused me further:
Session hijacking and PHP
Is HTTPS the only defense against Session Hijacking in an open network?