When you say literally, does this mean you are both working from home? If it does, I actually am seeing more positive effects (can't actually think of negatives) because one, you get to spend time with your kids and help each other out with chores without having the need to look for a helper (which reduces costs in your finances). You also get to see new sides of each other because as they say, partners always have new learnings from one another even if it seems that you already know one another by heart.
I agree with Roseanne. I can imagine being with hubby everyday as we do our own jobs at home and at the same time, being able to handle all the chores and bonding with the kids. As I think of cons for this set up, I actually cant think of one (especially because I got excited about the setup thinking if it had been me and my hubby, it would definitely be awesome!).