My wife and I share a single iTunes account for our two iPads, two iPhones, an iPod Touch and an iPod "Classic".
Apps share across all devices without any issue, as do music and videos.
Email, contacts and calendars are synced to separate accounts, so she has hers and I have mine.
The only issue I haven't figured out is photos. I haven't been able to figure out how to have iCloud sync PhotoStream to our devices so that they have the same pictures. I can sync the photos themselves using Aperture and then sync back to the iOS devices, which works, but would prefer having a unified account for PhotoStream while maintaining separate email, contact and calendar accounts.
Otherwise, this is a no-brainer and it works great - we buy apps one time and have them synced to all of our devices.