distcc with 2 PC's?

[Stubbs]

If I have 2 PC's with similar specs, will there be any increase in compile times if I use distcc?

if distcc uses the remote machine to compile, is there any point using just a master and a slave if the master is ~ same spec as the slave?

[boglin]

If I have 2 PC's with similar specs, will there be any increase in compile times if I use distcc?

No, there should be a decrease in the compile times (on average).

if distcc uses the remote machine to compile, is there any point using just a master and a slave if the master is ~ same spec as the slave?

Yes; but not as master/slave - better as peers. You can add both pc's to distcc/hosts files found on each of the pc's. That way compiles should occur on both machines.

Check out the official distcc guide: http://www.gentoo.org/doc/en/distcc.xml