iTunes Library Management

My wife and I share a common iTunes library but our musical tastes are slightly different. Is there an easy way to have a library for her and a library for me that uses the same master library?

we just create separate playlists for each of us and have our ipods set to sync only our own playlist

Yep, it's easy to make different playlists which all use the same master library.

Thanks - I'll try creating playlists!