They can't both act as video drivers at the same time.
However, it is hypothesized that in Snow Leopard, Apple will find a way to use the GPUs as additional computer power for the machine. In that case, if you have them both on, you should be able to use one to drive the display, and the other to do compute-intensive work. 10.5 can't do that today, and it isn't clear exactly how it will be partitioned, but perhaps 10.6 will be able to do it. I believe this is going to be a key positive for 10.6. We'll have to see wehther Windows 7 or its successors will incorporate anything like this.