Just to clarify for anyone reading the thread, in order for you to be logging ICUS, both pilots MUST be employed by a company, operating under the company AOC, with the company dictating who is PIC and who is ICUS. There are a couple other rules as well, but the main point is that you CANNOT just fly ICUS with a classmate.
Although one that I'm interested in knowing, can one fly ICUS on a ME IFR flight (commercial flight, say a charter) if they hold a MECIR but are not IF recent (3hrs etc)? PIC is current on everything.