The Drupal Virtual Site module

I am just starting a multisite drupal setup. My plan is to have some magazines with pretty much all the same functionality. even the themes will be the same with differnet images. I was looking at the drupal virtual site module, but have not tried playing with it. Its sounds pretty sexxy but I have not started playing yet. does anyone have any experience. This is a D6.2 project.
the link is here: http://drupal.org/project/virtual_site

Here is the sticking point... I want to have one code base, but the domains are separate...

www.domain1.com
www.domain2.com
www.domain3.com

I would also like to have separate databases.

I am going to post a separate discussion about another question I have. I will reference this node because I have another twist.... stay tuned...