Bob, Looks right to me.

210.4. Multiwire Branch Circuits.
(a) General. Branch circuits recognized by this article shall be permitted as multiwire circuits. A multiwire branch circuit shall be
permitted to be considered as multiple circuits. All conductors shall originate from the same panelboard.

(c) Line-to-Neutral Load. Multiwire branch circuits shall supply only line-to-neutral loads.
Exception No. 1: A multiwire branch circuit that supplies only one utilization equipment.
Exception No. 2: Where all ungrounded conductors of the multiwire branch circuit are opened simultaneously by the branch-circuit overcurrent device.

Eandrew:
As far as your first question.
I think it would be easier to say two 110v circuits shareing a grounded conductor makes the grounded conductor a neutral.
If your asking if it is a neutral, once one circuit breaks in a different direction, and no longer is split between the two circuits, I guess it is.
It could be treated diffrent once it breaks off, as far as useing the receptacles as a splice device.

Russ

[This message has been edited by russ m (edited 03-08-2003).]