It's fine for most switch configurations: the controller board pulls the input line to VCC (usually +5V for keyboard contollers), any number of switches can be hooked up in parallel to bring the signal low.
You can't parallel trackball/spinner inputs. If you want to share these between multiple devices, the best way is to use a multi-pole switch in-between the two devices (say, spinner vs. trackball, if you want both but your controller only supports one at a time).