[X4U] one mac, two iPhones

[alexandre]

hi

my wife and i share an iMac at home, each of us with his own user account, and up until now i was the only one with an iPhone, buying apps, syncing photos, music, etc. 

now, with a second iPhone, we would like to sync apps, photos and music from my user account on the iMac (we don't want to buy apps twice) but my wife obviously wants s to sync her address book and calendar with HER account.

i know this is possible but is it the most logical way to proceed? what potential problems could i run into? 

furthermore, with iOS 5 around the corner and OTA syncing, is this set-up still going to work?

how do you guys do it?

TIA

alexandre