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Here is my two cents and take it for what it's worth.  We took a .com site written in English and hosted in the U.S., duplicated the website content but redesigned the website.  The duplicated content and new design was then hosted in Germany hoping to target UK and English searches in Europe, the website was a complete flop.  We then took the duplicate content and had a professional translation service convert the exact content on the U.S. website to German and updated the new site and it started performing very well.  We took the same approach in France and our other target markets; however, it didn't work in the UK.

If a user can easily navigate between the two websites I would recommend using cross domain tracking.  Then you can setup a Global Profile to track both websites together and individual profiles for each website.  This would eliminate the duplication of visits within your analytics and should provide the information your looking for as cookies would be passed with the link method between your websites.

The duplication mentioned above is a result that when a user enters site1 organically for the first time they are considered unique then if they navigate to site2 through a link, they are now a unique visitor on site2.  So when you look at how many visitors you have that particular visitor is counted twice.  Now maybe this doesn't matter to you but having worked with websites that pass visitors very easily we found cross domain tracking very important.

I attached a video from Google about cross domain tracking Hash() is no longer needed and is not noted in the video but this should help you set up cross domain tracking should you decide it's needed.

watch?v=gMMi5aFQmtM