Wladimir and Vitali Klitschko: Champions together?

So, who really IS heavyweight champion of the world? The Ring Magazine has crowned Wladimir Klitschko as the champion of the world. Some people say it's really Vitali Klitschko who is champion, since he was champion when he retired, and nobody else became champion before he unretired. Then there's the argument that there is no champion at all, because #1 has never faced #2, and you need that to happen to crown a new champion. Finally, I've heard some arguments that people should consider the Klitschkos as "co-champions" of the heavyweight division, since together they've cleaned out the weight class, and they're brothers who shouldn't reasonably be expected to face off in a sport where the goal is to hurt your opponent.

So who ya got?