Scenario 1 is bad.
Scenario 2 is good because it provides redundancy. The key issue is to make sure the IP ranges do not overlap.
Example DHCP conversation:
Workstation: Hi, I just booted up and I'm on the network. Is there a DHCP here?
DHCP2->Workstation: I'm here.
(100 ms later)
DHCP1->Workstation: I'm here.
Workstation -> DHCP2: ACKnowledged, send me an address please.
Workstation -> DHCP1: Negative ACKnowledge; request already handled
DHCP2 -> Workstation: Here is your new address, mask, default gateway, and DNS information
Workstation -> DHCP2: ACKnowledged, thanks for the information
Competition between DHCP servers is not bad. In the event one range fills up, the server should no longer respond to broadcasts.
Additionally, each workstation will attempt to release its address 1/2 through the lease period.