I share an iCal with my buisness partner. If I schedule a meeting in ical and invite our client, my partner can no longer edit the event. The edit button does not appear on his iphone. When we do not have a client added, he has no problem editing events.
On another note, if I set up 2 alerts, one a day before and one 2 hours before, he only gets an alert 2 hours before. It doesn't show both alerts on his ical.