Two iPhone's with one iTunes account?

Hi,
Can someone tell me what will happen with my iTunes account assign to iPhone if I will give that iPhone away and buy new one. To be precise I am planning to buy new iPhone in June/July through O2 here in UK and give old one to my wife who is got Pay as You go SIM card from O2 as well, which work fine with my iPhone now (even data transfer but that cost £3/Mb at this moment!). I just wonder what will happen to all my Apps in my iTunes account when I will try sync these two iPhones then? I guess it’s not possible to share the same account between two iPhones. What are my options here?
Thanks in advance.

There is nothing that prevents you from sharing or using the same iTunes account with more than one iPhone. If your wife has her own iTunes account, when syncing this iPhone with iTunes when she is logged in to her account will transfer her iTunes account to the iPhone for access with the iTunes store and app store on the iPhone.

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