Anybody who tells you that it's "not reccomended" to place two drives on the same cable is (...or at least should...) be concerned about one thing. Intracable communicaiton speeds.
Having two devices on the same cable means they have to essentially 'take turns' talking on the cable. If both drives need to read/write data, only one drive gets access to the IDE interface at a time. This means that performance between a master and slave on the same channel will suffer somewhat. If only one drive needs to read/write data (like most of the time) then the performance is the same.
Also, the thing about faster drives "slowing down" to the speed of the slowest drive on a cable is myth in modern times. In the old days, a BIOS would detect the slowest device on a channel and set each drive to talk at that speed. So if you had an ATA33 CD drive with an ATA66 hard drive, the BIOS would force the hard drive to talk at ATA33. Nowdays BIOSes are smart enough to let each device talk as fast as it wants. If you stick an ATA33 drive with an ATA133 drive, they'll each talk as fast as they can.
While having two devices share a cable isn't as good as letting each have their own, it's not worse 90% of the time (the other 10% it's a bit worse) 
JigPu
.... ASRock Z68 Extreme3 Gen3
.... Intel Core i5 2500 ........................ 4 thread ...... 3300 MHz ......... -0.125 V
2x ASUS GTX 560 Ti ............................... 1 GiB ....... 830 MHz ...... 2004 MHz
.... G.SKILL Sniper Low Voltage ............. 8 GiB ..... 1600 MHz ............ 1.25 V
.... OCZ Vertex 3 ................................. 120 GB ............. nilfs2 ..... Arch Linux
.... Kingwin LZP-550 .............................. 550 W ........ 94% Eff. ....... 80+ Plat
.... Nocuta NH-D14 ................................ 20 dB ..... 0.35 C°/W ................ 7 V
"In order to combat power supply concerns, Nvidia has declared that G80 will be the first graphics card in the world to run entirely off of the souls of dead babies. This will make running the G80 much cheaper for the average end user."
"GeForce 8 Series." Wikipedia, The Free Encyclopedia. 7 Aug 2006, 20:59 UTC. Wikimedia Foundation, Inc. 8 Aug 2006.