What can go wrong with old & new versions on same start up disk

I know Apple have recommended that you should partition your disk and run old and new versions on different sides.
With an imac, I'm thinking that I can't partition without wiping a whole load of stuff and I cant put in a new drive because it's all sealed.
By leaving my mac as it is and having both versions on the same start up, what is the worst that can happen? Will preference settings get confused?
Thanks for reading - hope you have an answer

I had both installed together for a while. I did this before Apple released the guide recommending how it should be done.
They were playing fine together for a while, then suddenly (and I am not sure what I did to trigger this) FCP7 just wouldn't open without generating Qmaster crash reports. I'm not sure what caused these, and I tried every geeky trick I knew to fix it. In the end I had to thoroughly wipe both off my system and I reverted to just 7.
I know from reading this forum that other people have experienced different results.

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