It depends on the choice of frameworks you use. If they try to define the same variables then one is going to overwrite parts of the other. jQuery avoids this by defining the aliasing the core function so it has two names and YUI avoids it by not having a blasted dollar function in the first place.
Libraries tend to be relatively large, so you should probably avoid using multiple ones on grounds of bloat rather then anything else.
It is rare that using two different libraries is useful - the main reason for it is wanting to use multiple third party modules that depend on different libraries. In that circumstance, I would try to find alternatives that use the chosen library.
What opensource ajax code you using?
YUI usually. It is robust, well tested, well documented and powerful - although the initial part of learning curve is a little steeper then some of the others.
It does it a disservice to call it "ajax code" though - Ajax is a very small part of any of these libraries.
What would you recommend to ajax
beginner?
YUI.
What ajax features that can impress people?
That depends on who the people are. A lot of people will be impressed by being able to quickly produce slidey, fading, spinning animation effects ... but they aren't all that useful. A good event handling system doesn't do anything that will impress a lay person, but it will make like a lot easier for the programmer.