Another instrument/PIC logging Question........

[donitanb]

I've noticed some great (and very helpful) discussion on logging PIC time for instrument training. So, my understanding is that two IFR-qualified pilots can go flying (one under the hood) and both log PIC time under the following:
1. One pilot is under the hood and acts as sole manipulator of the controls.
2. The OTHER pilot is not under the hood and acts as a safety pilot (responsible for safety of flight).

I also understand how each pilot would log time. The hooded pilot would log PIC as 'simulated instrument', and safety pilot logs PIC time only. However, what happens when the aircraft enters ACTUAL instrument conditions? I'm guessing that the safety pilot would log 'actual' instrument time for those times when the aircraft is in actual conditions, but the pilot manipulating controls would need to keep the hood on and log simulated instrument, even when in actual conditions. This is the only way I can see a legal need for a safety pilot. If the hooded (and IFR qualified) pilot removes his/her hood under actual conditions, there is no longer a legal need for the safety pilot (unless, of course, the aircraft legally requires two pilots). So, summarizing.......

1. Hooded pilot logs 'simulated' instrument and safety pilot logs PIC only under VFR conditions.
2. Safety pilot would log 'actual' instrument and hooded pilot would log 'simulated' instrument under IMC conditions. Hooded pilot stays hooded under IMC.
3. Once the hood comes off, no more joy for two pilots logging PIC.

Am I on the right track here?

Thanks for thinkin this one for me, gang!