I've never thought of it that way, but I can't see why that wouldn't work to both of our advantages. Pretty clever idea come to think of it.
The only problems with that is you will want to find someone you can trust to host your site, and if the site gets bigger and more popular it might start to eat up a lot of bandwidth.
I'm no SEO expert, but I don't see why that couldn't be an advantageous situation for both people for avoiding the sandbox and being able to get more effective links from the new sites. I would say a grey-hat technique, but I can't imagine Google would find out unless you started doing it with mutliple sites.
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