Wife getting her first iPhone - adding to Mac with my phone

My wife and I have been sharing the same user profile on our Mac. It's easy because I'm the only one with a mobile device. I should note that my daughter has an iTouch, she has her own user profile. Our iTunes Media folder is on the shared folder because we share music, but the iTunes on her profile is connected to her iTunes account.

Wife is getting an iPhone. Does she need her own profile? Can she sync her phone to my iTunes? Will that give her the same apps and music as me? Is there any way for the iTunes on our shared profile keep track of two different phones? Can one iTunes use two different Apple IDs?

Presuming we need a new profile, is there an easy way to clone profiles, so her new one looks like her old one?

If we need two profiles, how do we deal with shared documents? I don't want to put them on the Shared folder, because the daughter shouldn't see them.