This is precisely what Adobe had in mind when it put the right to install on two machines in the EULA, one user with two machines that will not be running the software at the same time. Yes, you can install the apps on both machines and activate them both, legally. If for some reason you needed access on a third machine, you could install the apps but you'd be notified that your license is already active on two machines and you'd have to deactivate one or both of those machines in order to work on the third. Note that with the creative cloud those machines no longer need to be the same platform. You can now use both a Mac and a PC for your two installs.
hope that helps,
Michael Riordan