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chiyo - 12:40 pm on Jun 24, 2001 (gmt 0)
You get, hopefully, better page rank, and a special UK feel for uk guys, and two chances to get picked up the the SE's. The uk domain wont need much maintenance.
If it was me, I would keep the co.uk with just say half a dozen pages that describe the products/service/company, optimized, but not looking like the other. I would then have most of the links going to the com, some internal, and a few external even. Maybe change the pages every so often. Keep a strong UK feel to uk.com, to make the poms feel at home, but have most of the links going back to the com.