Any pitfalls to avoid?
I'm gonna set him up with a separate computer, domains and hosting, but we will be sharing the content (at least to start), and DSL. 95% of my content is from Ounique and the license allows use on unlimited domains, so I should be ok, right?
Is it ok for him to sign up for sponsor programs with my referer code or will the sponsors freak out on me?

GaryAlan and Lee... I know you will have some advice!

btw... I'm looking for a new laptop, too. Any advice on that? The new Centrino system from Intel looks good.