It may work better in racing than cruising or day sailing.
In racing skippers are always looking for crew and joint owners would typcally sail together and be better for it. In cruising/day sailing there may be more differences (esp maintaenance/upgrade costs/issues) and conflict over times of use.
One example was an Olson 30 on Yachtworld and a friend was thinking of splitting 4 ways. That would be over half the crew in one bunch and equipment would cost 1/4 as much per person.
Of course it is required to have 4 like minded people involved or could be a disaster.