In the olden days I would get conflicts, but they were rare, even when I had several devices sharing IRQ 11 under Win98SE. I can't say I ever saw performance decreases though - the conflicts I did experience would always just make one device (or both) stop working entirely.
In my experience recently, WinXP, along with modern motherboards, are much better at sharing IRQ's. And, you also get a lot more IRQ's with new motherboards - don't remember if it's ACPI or APIC (don't remember what either of those means, of if they're even relevant), but whatever it is, new motherboards give you more than 15 IRQ's, so your devices get a lot more settings to play with.
For the record, my system currently has 2 devices each on the following:
IRQ 16: TV Tuner, VIA Rev5 or later USB Universal Host Controller
IRQ 19: Radeon 9800 Pro, VIA Rev5 or later USB Universal Host Controller
IRQ 20: nVidia APU, OpenHCD USB Host Controller
IRQ 21: nVidia codec interface, IEEE 1394 controller, Enhanced PCI to USB Host Controller
IRQ 22: nVidia NIC, OpenHCD USB Host Controller