Sorry, stringtheorist, but you are wrong. Multiple video streams get captured individually and synchronized either through timecode or visual reference (such as a slate). If you need cameras to be synch'ed such that the beginning of each frame is exactly the same, that is possible using a technology called "genlock".
See
http://en.wikipedia.org/wiki/Genlock
To my knowledge, that's more important for live broadcast than anything else, but I guess I can't rule out that for your side-by-side guitar video it may be helpful. At any rate, I doubt that with two iSights recorded into one Mac you'd be able to guarantee that type of hard beginning-of-frame synchronization. And if you want genlock-capable cameras, holy cow, you got to spend some serious money!
- Martin