Its not that you have to share the password, when the device is setup and you enter in your AppleID and password, it will also set that password in iMessage and FaceTime. The password will stay logged in until you either turn off iMessage/FaceTime and turn it back on or it will sometimes ask for the password again if the device is hard reset.
The end result is several devices connected with one iTunes account are all signed into iMessage and FaceTime with the ‘home’ Apple Id. We have been running into it here when deploying the iPhone to our field users and they want to be able to do FaceTime with their families as well. Because the Account is tied to all the devices they are having difficulties using the FaceTime function, because it tries to call all the devices. Including the one your calling from.
It wasn’t until the other day that I myself experienced the oops from sending an iMessage to someone I had iMessaged before and it all of the sudden was going to the persons child not to them.