Co-refereeing?

Hi folks.

Does anyone have any experience with a co-refereed campaign?  By this I mean
one campaign being actively run by two referees.  For the purposes of this
question, let's exclude hand-me-down campaigns and campaigns that switch off
between two referees.  I'm looking for a situation where two people run a
campaign together: co-delevopment, etc.

If you have any related non-Traveller experience (like another game system),
I'm still interested.

The reason I ask, is that I have a very stable (but not quite stagnent) group
of players, and over the years I have switched off being "the supreme being"
with one of the other players.  We have switched back and forth several times
over the years, with good results.  (Of course, I'm better, right Kevin?)

I wonder if the two of us might not be able to merge our styles/ideas/etc., and
produce one very intense campaign.  There would be very little idle time for
the remaining three players, non-player characterizations would probably
improve (less distractions for the ref), and NPC's would certainly become more
unpredictable from the players standpoint.

I think it might add a real kick, and allow us (as referees) to have a lot of
fun with each others ideas.

Any thoughts, caveats, etc?

- -BobMah