ASM instance for Multiple DBs in a RAC environment - 10GR2

Are there any drawbacks if you create 2 RAC databases ex Chicago (consisting on 2 nodes Chicago1 and Chicago2) and Orlando (consisting of Oralndo1 and Oralndo2) on the same ASM instance running on Oracle 10G R2.
Would it be better to create 2 ASM instances?
Thanks

ASM is node specific. Meaning you can only have one ASM instance per node.. its like any other volume manager. You only need one volume manager/storage manager to handle the storage for a given node. Its no different with ASM.
So irrespective of the number of databases you plan to create on a node, you will only have one ASM instance.
A word of caution when creating multiple RDBMS instances, is to ensure you have sufficient resources for this. Unless the user access patterns are considerably different or the business needs stipulate separate database, you should also consider database consolidation if possible.

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