MySQL two-way replication

[Weirdan]

I've recently set up two MySQL servers to replicate each other in this way:

--------------------------------------
# Host 1
#replication section
server-id=5
log-bin
master-host=10.0.1.2
master-user=repl
master-password=password_was_here
master-port=3306
--------------------------------------
# Host 2
#replication section
server-id=10
log-bin
master-host=10.0.1.5
master-user=repl
master-password=password_was_here
master-port=3306
--------------------------------------

So, the questions are:

Does anybody know if I'm doing it right or not?
Does anybody work with such a configuration?
What are the common pitfalls in setting up two-way replication using MySQL?


PS: Yeah, I know that two-way replication isn't officially supported in MySQL, so don't be bothered to post messages like "Hey, man, MySQL won't do it" in this topic.