Is it beneficial to have joint advisors in a PhD program?

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flemmyd
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I'm curious if anyone has any experience working for two advisers, particularly in two different fields. In my case, I'd focus on synthesizing materials in a chem lab (that focuses on synthesis) and then working in a EE/physics lab that would focus on characterizing said material, in particular focusing on magnetic properties. Both labs already have a standing collaboration. My skill set and interest would allow me to work in either lab.

Some professors have told me to not to even bother and just be a student in one lab and work in the other lab when needed. Besides the bureaucracy of "who pays for my RA this term" and what not, what other topics should I consider?
 
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I was told that a possible problem could be that one or both of the professors sees you as the other professor's problem, so you don't get full attention (especially when it comes to getting your name out for postdocs/jobs).