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The other issue that can occur is if one of the two decides to delete the realm. From previous discussions, it sounded like the ability to sync/upload/download for that realm is gone. I'd guess it has something to do with the GUID either being erased from the LWD servers or marked as unusable in some way... I'm betting it's deleted for future use by someone else while security prevents the uploading of a now unknown GUID.
Dont know how that worst case scenario would occur, because only one user can be logged in at the time. Anyways I didn't test this (and never will), so maybe you are correct.
But isn't the problem more that RW has been licensed to the user, so he would not be allowed to share the login...
If someone has a GM copy and they connect to your realm they will still only have Player View access to that realm. Realm Works is not a tool that allows GMs to concurrently edit a realm at the same time.
What you can do though is have multiple people with GM copies creating content that gets put into a master realm.
For example there are about 15 of us contributing content and feeding it into the master realm here.