I mean a device that has two sensor / lens combinations.
I can see several advantages:
Capturing photos with a higher dynamic range.
Focus bracketing.
Capturing multiple photos and merging them to reduce noise (super-resolution), like the excellent iPhone app Cortex Camera, but without needing the user to hold the camera steady for a while, and hoping nothing moves in the scene.
One of the cameras can be made without a color filter array, to improve low-light performance.
Two smaller sensors can be thinner than a single bigger one. For example, if you were to increase the sensor size in the iPhone 5s, the camera module would probably not fit in the thickness of the phone. Whereas you could easily put two cameras side by side. This also applies to point-and-shoot cameras with larger sensors, which are hard to fit in your pocket. You could again have two sensors in a pocketable camera.
Both lenses could be pointed outwards to capture a wider field of view.
At larger sensor sizes, it would be cheaper to make two smaller sensors rather than one big sensor. Because a defect in one of the small sensors means that you throw away just that sensors, while you can use the other one, while a defect in a bigger sensor means that you have to throw away the entire sensor. So you get better yields, and therefore lower prices.
If each sensor can capture video at 120FPS, then having two sensors permits video capture at 240FPS.
I can see many advantages with having two sensors. Why aren't such devices more common?
I don't think it will add to the cost significantly. For example, the iPhone 5s cameras are estimated to cost only $13, and that's for both the front- and rear-facing cameras together. Even if it cost $50, that would be a small matter on a device costing $400+, like premium compact cameras.