Bfato, I understand where you are comming from however what does it matter who that person in the right seat is as long as you fly the entire time in the left and log PIC or Pilot In Command, if the other guy is flying under FAA rules where they can log it as safety pilot in command time.
Don't quote me on this as I have no knowledge of the FAR's but I think that safety pilot time is recorded if the other pilot is under the hood flying simulated IMC. This is potentially where the problems can arise for YOU in JAA land flying P1 in the the left hand seat with a hood on. I would check LASORS as see whether you can log P1 whilst under the hood or not. It may be that you won't be under the hood at all although then you come back to the point of how the other bloke can log safety pilot time if he is just sitting there under the FAR's?
Edited to add:- Did a quick search on pprune and it would appear that if you don't have a JAA IR then anytime "under the hood" you CANNOT log P1 as you aren't PIC. So what do you log? Well it depends on who is sitting next to you. If they are a CFI/or JAA FI then I would say p/ut, if another punter like you then I would say they log P1 and you get to log wait for it......NOUGHT!