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If you each finish your portions of your movie and output your movies as DV-AVIs (Share/Personal Computer/DV-AVI), you can combine these final pieces in a new project with virtually no loss of quality and create a very nice DVD. (DV-AVIs are rather large though -- about 1 gigabyte for every 4 or 5 minutes of movie.)
If, on the other hand, you want to exchange works-in-progress so that you can each edit, then exchange projects and edit some more, it gets a bit more complicated. To do this you'll need to exchange your entire media set -- the raw video you're editing, music, photos, etc. -- in addition to your project files and, short of passing a hard drive back and forth, that could be a bit challenging.
As i see it, there could be two possibilities here. You could work on the project sequentially or parallely. Working sequentially, you could complete your part, archive a copy of the project, send it to your brother and he can then complete his part. Working parallely, each one of you will have to export, individual edited parts preferably as DV-AVI and re-import them at one workstation.
but if you are thinking of opening the edited portions of project in the same app., it might not be feasible.
Hope that helps you.