I've taken a similar but slightly different approach a while back.
My key requirement was that I wanted to leave certain bits of the metadata unique to the individuals. For example most play lists I use are smart playlists. So say my daughter likes lady gaga and rates it at 5 stars I don't want it to appear in my library as 5 stars something I've build up over many years. Yet I don't want to deny my daughters, nor my wife, to rate and mark their music. As such my machine is generally the primary for ripping. From there I synchronise using a tools which name usefully I cannot remember at the moment
my music with the central source. The source is a headless mac mini server with connections to an solaris iscsi san for limitless expansion
My wife and daughters Macs in turn synchronise their music with that source. Thus allowing them to maintain their own local sync to iPhone/ipad/android/car etc...The key there is that elements like rating, play count don't go back to the centre.
For the videos I use a slightly different approach. I don't keep them locally, I just drag them to the 'Add to iTunes' folder which I have shared on the Mac Mini (but is actually stored on the Solaris based iSCSI SAN in a tank), primarily as they take up a lot of storage. That way when around the house everyone can stream on their devices, or use one of the apple tvs that are linked to the mini server to watch on there. If anyone goes on the road, it is simple to drag a local copy from the Movies folder which is also shared out. And for syncing to iPad etc use place the shortcuts (option drag the movie) in the local iTunes so that the file remains where it is, yet it can sync to other devices.
Works for us