I have seen in some projects during my years through cubicle life that have more than one bosses. At the same level.
Usually a team performs best when there is a hierarchy of some kind with a flexible enough reporting structure. A rigid chain-of-command makes it pretty much stiffling for team members. Especially the ones who are part of an intellectual space such as IT or Media.
A friend of mine has highlighted the pitfalls of a team that has more than one boss very nicely in his blog "Multiple Boss = Exponential Problems"
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