Just to repeat Jason's warning, this approach is NOT for the faint of heart!
I migrated movie and video data over to my Audio/Video Mac Mintel (where I use EyeTV Hybrid, Audio Hijack Pro, MP3 Trimmer, MPEG Streamclip, Handbrake/iSquint, Visual Hub, VTC, etc), while leaving contacts, calendars, and podcast syncing on my Powerbook. All was working well, until an iPhone sync completely froze up the Mac Mini, necessitating a hard re-start.
Afterwards, the hard drive was corrupted to the point the computer refused to boot from the internal drive (the dreaded "missing system folder" question mark icon appeared). When I restarted from an external USB drive, the system drive revealed errors that Disk Utility 3 wasn't able to fix (obviously: I had to updating to Disk Warrior 4, since older Disk Utility 3 cannot fix drives formatted for Intel machines; same goes for TTP4, etc).
Of course, an update to DW4 will take awhile to arrive by mail, so I decided to swap out the older drive with it's trashed directory (catalog b-tree error, etc) and do a clean system install on the external drive.... Fortunately, I have the Mini's data backed up elsewhere, so nothing important was lost; however, I just wasted a lot of time. As far as why the sync froze, I have no idea: a couple of ideas, though, for what might've been gone wrong.
So mess with this stuff at your own risk: it's not turn-key, or risk-free. You're on your own.
Once I get it running again, I'll be worried that subsequent updates would change something that breaks the hack; you've got to ask if it's worth trying to operate outside of Apple's recommended "one computer to sync one iPhone" approach, at least until multi-library support is officially announced from Apple. With Leopard on the horizon, perhaps they'll look at including this, to preclude such limited restrictions on data?