WAR dependencies are handled VERY differently by Maven from JAR dependencies. They are treated as overlays.
http://maven.apache.org/plugins/maven-war-plugin/overlays.html
I think what you are looking for is something a bit different from a WAR overlay. WAR overlays merge the file structures with a "closest wins" model, but that means that things like web.xml are replaced by closest wins, not merged.
If you want merging (which is closer to what most people think of when they start talking about WAR dependencies) you should look at the Cargo uberwar plugin.
http://cargo.codehaus.org/Merging+WAR+files
If your goal is simply to share some classes between two WARs, you should probably just put those classes into a JAR project. Maven in particular is really designed to work on a pom.xml -> a single artifact model (JAR/WAR/etc). Trying to take a single pom.xml and have it emit, say, a JAR for some stuff and a WAR for other stuff is going to be very painful.
Incidentally, if you are working on a team larger than one person, you are going to want an artifact management server pretty fast (e.g. Artifactory, Nexus or Archiva) or you will go crazy dealing with this stuff. ;)
mvn install
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