This is a good point, here is another discussion I will throw out there. What is the definition of PIC as it is defined in CFR 14 Part 1? What is the definition of PIC as it is defined in CFR 14 Part 61? All employers out there are looking for PIC as defined in Part 1 when they list a PIC time requirement for a job. A few years ago UND revised their Policies and Procedures manual to identify the Certified Flight Instructor on board a training flight as the PIC defined by Part 1.
To parallel this argument from the real world. I am type rated in the airplane that I currently fly. The other pilot I am flying with is type rated as well. When it is my leg to fly, I don't log any of it as PIC, even though I am typed in the aircraft and I am the sole manipulator of the flight controls. According to Part 1, I am not the PIC, but according to Part 61 I am.
I am just trying to point out some arguments to get you guys thinking a little. You have to make the decision on how you want to log your flight time, but you also need to be able to back up your decision when the time comes. I personally choose to err on the side of conservative and have never had any problems. I have been through a few airline interviews and a couple fractional interviews as well, all resulted in a job offer at the end. At the regional airline level they generally will not scrutinize your logbook that much depending on the company. They are quite good at picking up glaring errors or "embellished" flight time! Keep in mind though, all regional airlines suck to work at and are not career type jobs. You will hopefully one day be interviewing for something bigger and better and the question may come up.