I've always logged safety pilot time as PIC, and so far as I know most people at my school do. In fact, our instructors encourage us to log it to help break down costs.
There's a difference between acting as PIC and logging PIC. If I'm correct, you can log PIC as a safety pilot because you are responsible for the safety of the aircraft and have "command" over it in a fashion because you are the one who sees outside. If for some reason you were to have a midair and somehow live through it, it would be on the back of the safety pilot.
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Commercial Pilot-ASEL, AMEL, IA
CFI, CFII, MEI
1,550TT/250ME
Part 61 CFI and college student (round 2)
Former aerial photo pilot
Future CPA (a.k.a. "Bean Counter")
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