Here's a foot note to this discussion which some might find interesting. I have a copy of a letter from the FAA which is a response to a question an FAA-designated examiner posed here in Southern California (the regs being commonly interpreted differently by different pilots):. .. .The FAA states quite clearly in this letter that in the event of the two pilots holding commercial licenses, BOTH may log the time as PIC if prior to flight one pilot is designated the the handling pilot and one as the non-handling pilot.. .Personally I've only done this on one occassion where we thought it may be appropriate to share the workload on an IFR flight into LAX in a light twin.