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There is no problem is .co.uk takes you to different auction items than .com, or if one domain redirects to the other.
You need a consistent business model, separate stores is valid, but don't do a half job and leave search engines and customers confused.
[edited by: brotherhood_of_LAN at 7:57 pm (utc) on Feb. 15, 2009]
[edit reason] fixed link [/edit]