Mysql 2 way replication?

[Kimball Larsen]

This has come up in the past, but I've recently taken a fresh  
interest.  The last time I looked into 2 way replication with Mysql,  
I was told that it basically was a really bad idea.  Now, it appears  
that it may not only be a not-so-bad idea, but the fine folks at  
Mysql mention some caveats to watch for when setting it up:

http://dev.mysql.com/doc/refman/5.0/en/replication-faq.html

However, they don't mention HOW to set it up.  Do you just set up  
each note to be both a master and slave and point them the way you need?

Any ideas/tips/pointers/snide remarks would be great.

Thanks!

-- Kimball