It actually works really well. If you do it right, each guitarist gets his own amp sim, his own cab sim, his own effects chain. No loss of dynamics, no unwanted intermodulation. The two guitars can sound exactly the same or radically different.With all due respect..... Why?...It can be done if dual guitars sounding exactly the same are what you want. But I hardly think there could be a senario where this would sound good.
To more specifically answer the OP, do you want both guitarists to have their own speaker on stage with only 1 guitar coming out or is sharing a speaker or mix ok?
My method linked above shares the same output Out 1 in stereo. You have to do a few more steps to have separate outputs for each guitarist.
Its own "real" cab or its own cab sim?I would want each guitar to have it's own cabinet.