I have both my desktop an laptop pointed to the calibre folder on DropBox and it works like a charm.
Things to watch out for: Don't use both instances at the same time, make sure you update versions on both systems simultaneously, and give DropBox time to sync changes back to the cloud after modifying the library on one computer.
In my case, I find it easy to live with these limitations (and if I should ever screw up, there's always DropBox' built-in backup :-) ), but I don't know if they're more problematic for you.
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