Interesting, that sounds like it works ok for two owners. I was at a place where I was the code reviewer for C programs[1], and its was every scheduling nightmare and being stuck in a fish bowl that you would assume. This was not distributed, so I would do the review then there would be a meeting where we went over the review. It was not fast development, but it sure was documented. One of two computer related activity that almost got me killed[2].

1) but, interestingly, not allowed to write any since who would review mine? sigh...

2) don't review really bad (MST3K-level bad) C code in a car with two C gurus (one of which was driving)