If by "key login" you're referring to publickey client authentication,
then this is false. The host key is used by the client to authenticate
the server; it has nothing to do with the server authenticating the
client (except with hostbased authentication).
The tradeoff here has to do with compromise of the server: if the
servers share a hostkey, then an attacker who compromises one can spoof
the other as well.
The best thing to do from a security perspective is to configure the
client to accept either key for the load-balanced server name and/or
address. You can do this in OpenSSH by simply listing both keys for the
same server in the known_hosts file. Whether that's worth the hassle in
this particular case depends on your security requirements and exactly
how much hassle it will be. :)
- Richard