Migration assistant?

I purchased a MBP in early December; now, my husband is planning to buy either a MBP or a MBA. Both of our computers have/will have Lion. Can I use migration assistant/setup assistant to transfer only the applications on my computer to his computer? Also, will this copy the applications so we both have them, or will they completely transfer off of my computer and onto his?

Thanks!

 

That's exactly what I was wondering, thanks very much!