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There's a ton of shared code between Wine and ReactOS. They are rather complementary.

Only 5%

One is an operating system and the other is a Win32 compatibility layer for *nix. I'd say 5% is a lot.

"the amount of effort which has gone into ReactOS would have served Wine really well"

That may be partly true. Partly, because you falsely assume that anyone contributing to ReactOS would contribute to Wine. These cover common technical ground (of Windows application binary support), but from different ideological prospectives.

The converse is true also.