Sevenstrokerroll, What you say in the above post is both logical and makes sense to me and is the way in many countries, (except the safety pilot can not log anything).
I am talking here just to be clear, a VFR rated single engine land with the pilot in the left seat vision impaired for out side of the aircraft above 1000' AGL & under VFR rules.
I have been told by a flying school that you can rent one of their planes in a block package and pilots pilots can log PIC (and share the cost) effectively under FAA rules.
I find this disturbing in may ways, that is why I have bought it up here.