Sharing Apps between our iDevices

My wife and I both have iPhones and we share an iPad at home. We'd like to share our applications that we've purchased so that we don't need to pay twice or 3 times for applications.

My wife's phone is brand new and hasn't been setup, but my iPhone and the iPad are setup with the same iTunes and iCloud accounts. Should I setup a new iTunes account for my wife's iPhone or should we use the same iTunes account but create a new iCloud account? We'll be using the same Windows PC for iTunes, but with different IDs since we'll have separate Music libraries.

I'm also planning to sign up for iTunes Match once it's available in Canada, so I'd like to take this situtation into account when I'm setting all of this up.

 

I got it working. For those that have this same question, have a look at this thread over on the Apple Discussion boards - https://discussions.apple.com/message/16376181#16376181