They teamed pretty regularly on the house show circuit, but rarely made TV as a tandem. What I did see of their matches (mainly Thunder and Saturday Night) was quite good. I thought last nights pairing of Eddie and Regal was pretty great as well. Not as cool as Regal/Austin or Eddie/X-Pac, but the heel heat they drew was great. Plus they made Heyman's indy sleaze look like Tough Enough rejects in terms of work. The VD's strikes hurt my feelings...
If I remember correctly (and I could be mistaken here), I think that one time, Jericho and Guerrero actually teamed against the makeshift team of... get this... Steven Regal and Rey Mysterio Jr.
You have to keep in mind, Regal was pretty huge at the time. He absolutely dwarfed Rey in every sense of the word.
I believe Jericho and Guerrero won the match, and Regal turned on Mysterio when it was over, mumbling something about “insignificant little buggers”. But once again, that could be me.
Anyway. Jericho and Guerrero apparently tag-teamed together often enough to be included as a default tag-team in WCW/nWo Revenge for N64. And I think they'd still make a very good tag-team now-- but alas, they're on separate shows.
“If there's anything I hate, it's a loud-mouthed Canadian with blonde hair who dresses like a rock star... except you, you're cool.”
--Kurt Angle to Chris Jericho, Smackdown 4/11/2002
My favorite thing about the eddy/jericho team was when eddy would start the match, get trounced by a face and then scamper over to teh corner (on his knees) to be consoled by jericho. It always got great heel (gaybashing) heat.
I can remember one match where they broke "the formula" - it was the Brothers of Destruction vs. DDP and Kanyon in the steel cage. There weren't any face-in-peril moments...just one looooong heels-getting-killed moment.