Yup, cc. The SIC "operates" the aircraft also and gets to log the "conditions of flight" just like the PIC.
The approach issue is pretty much the same as the CFI logging student approach issue. The FAR uses "perform" the approach rather than "sole manipulator" language as for landings. AFAIK, there hasn't been any official interpretation either way and you can justify either one depending on how you view the meaning of the word "perform."
FWIW, cc, I've never seen a list of rules for the "generally accepted right way to log" time apart from the rules for meeting the FAA's requirements certificates, ratings, or currency (with perhaps the odd extra column for insurance or employment needs)