Mark:
I've been in the Cherokee partnership for nearly a year now and my experience has been only positive. My partners rarely fly and it's almost as if I'm the only owner. I have not had a scheduling conflict in the time I've been a partner. Cost savings are significant. My entry was 1/3 of what I was on the cusp of paying for a 150 and the insurance, hangaring, maintenance are all pro-rated accordingly. Convenience is excellent. The airplane is hangared 3 miles from my house and we have a maintenance agreement with a local FBO. I have x amount of money to spend on flying and I'll probably fly about 70 hours this year. That's about 20 hours more than I could have flown the 150 I was going to buy.
My experience may be unusual, but I find the partnership approach appealing and beneficial. I recommend it with the obvious caveats. You probably have read the AOPA stuff on partnerships, if not see the AOPA home page. There is also good information in Geza Szurovy's book FLY FOR LESS: FLYING CLUBS & AIRCRAFT PARTNERSHIPS.
The pitsfalls are obviously there, but look closely at the other partners, see how much they fly and when, what the maintenance arrangement is, what the fixed costs are (monthly fee), what the per-hour cost is and how it compares to comparable rental, and what the partnership agreement says. Also, consider what the airplane is worth and the asking price for a share. I looked at a 1/3 interest in a local 150, but the buy-in was much more than what I thought the airplane was worth times 3. My current buy in was a little high for the airplane alone, but there was a good cash balance in the bank, it was more airplane than a 150, and it was much less than what I would have spent for a sole-ownership 150, so I took it.
Good luck and best wishes.
Don
