For my current project we are thinking of setting up a dual master replication topology for a geographically separated setup; one db on the us east coast and the other db in
Just a note on the technical aspects of your plan: You have to know that MySQL does not officially support multi-master replication (only MySQL Cluster provides support for synchronous replication).
But there is at least one "hack" that makes multi-master-replication possible even with a normal MySQL replication setup. Please see Patrick Galbraith's "MySQL Multi-Master Replication" for a possible solution. I don't have any experience with this setup, so I don't dare to judge on how feasible this approach would be.