I have two iPods synching to the same MC and it works well.
MC doesn't have the option you describe, though, with personalised Smartlists for each iPod. It would be a very cool feature to have, I agree, but the number of people who would benefit from it would be extremely small. I guess it depends on how bored SteveG is! Both my iPods (mine and my wife's) have the same tracks on them, so the above isn't really an issue for me.
The only thing I would advise you to look out for concerns ratings - if you are in the habit of rating your tracks, and syncing the info back to MC, you will probably want to restrict this to a single iPod or you will end up overwriting ratings applied on one iPod with null ratings from the other. Most people don't use this feature too much, though, so this may not concern you.
Likewise if you're very keen on the "last played" / "number of plays" stats, and use these to build Smartlists, you may find it tricky to keep things up-to-date. Again I would advise you to use one iPod as the "master" Pod and sync data back to MC from that one, and use the other as a "read-only" Pod and just transfer data OUT of MC to this second iPod. It's quite likely that you won't be too bothered about this.
In terms of getting the two to work with MC, though, it just works. It's very impressive.