You can setup a single project with both iPhone and Mac targets, but there are a lot of gotchas and somethings don't work quite right. It is sort of lame that it works so poorly.
The best way to share model code is to separate it into its own project and build it as a static library, then include that in your mac and iPhone projects as a cross project link. It is. Here is a blog post explaining how to setup code sharing between multiple iPhone projects in detail. The same technique also works for sharing the static library in a mac app.