Yeah, I think Chad has the bases covered - sharing an account is really only an issue if you don't want Google to know that the two sites are connected. For example, if you're cross-linking a lot of sites, you might want to keep their ownership as separate as possible. Most of those cases are at least gray-hat, though, and often Google has other cues.
In general, sharing an account is no big deal. Sharing the same IP address has some minimal risks (in the past, if a site on that IP was penalized, it could cross over), but even that seems to be going down over time. Now that we're running out of IPv4 addresses, shared hosting is a lot more common. Personally, I still like unique IPs whenever possible, but sharing a host is no big deal.
I guess the only other exception would be from an engineering standpoint. If you were running two sites for reliability/up-time (in case one went down), then sharing a host would defeat that purpose. That doesn't sound like what you have in mind, though.