Each can have their own iCloud ID, but will essentially be an Apple ID. They will be able to use it in iTunes, but will not have access to the items purchased on your Apple ID unless they are already on their devices.
iTunes syncing will be done under each iCloud ID, as will Cal. Contacts, and Safari Bookmarks.
They can have a second icloud ID (yours) on their devices, but you should turn of all syncing for that 2nd ID or your data will will replace theirs.
It can be tricky. My wife and I each have an iPhone and she has an iPad2. There are two iCloud IDs on her handhelds. One is hers to use as she likes, & syncs her data to her Mac. It does NOT have Back to my Mac and Find My Mac turned on. Those two are the ONLY things turned on in the other iCloud ID (my Apple ID). My wife never uses my ID on her iPhone or iPad, but just her own. My ID is there strictly for recovery purposes.
This arrangement allows me to find her iPad, iPhone, and MBP (shared) if lost, stolen, or she needs help while away from home. It might be one you would consider setting up, as that new laptop will be moving around.
The ID used for iTunes is the trickiest. You have to decide what you want to accomplish before you choose that iTunes ID for her MBP.
Hope this helps.
Mr. Curmudgeon, on Mountain Lion.
Edited 1 time(s). Last edit at 08/08/2012 05:06PM by modelamac.