I don't think that the Luv + Abasin relationship would look anything like the Abasin + Vail relationship. Vail saw Abasin as a way to extend their season on both ends without dealing with the operations costs (snowmaking + staffing) of doing so at one of their big resorts. That was a huge sale point for epic passes: ski Oct - June. In return, ABasin got a lot of cash from skier visits (in both ticket sharing and food/bev.)
The advantage for Abasin / Luv teaming up is simply making each of their own seasons passes a bit more attractive. I don't think we're going to see an unlimited abasin + unlimited luv pass, but I could see an abasin pass with 3 loveland days and vice versa. This is intriguing to a huge number of Front Range skiers who can make a good season out of one home mountain, 3 days at another "local" mountain, and a few long weekends somewhere else covered on their pass like Taos, Monarch, Sunlight, Wolf Creek, etc.