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I firmly believe that the actual usage of "two way-bets" does not in fact exist. You have two ranges; your opponents and your own. The only thing of interest is the INTENTION of the bet, i.e what you consider the MAIN PURPOSE of your bet, the achieved effect you want. Because of this, you can only either valuebet, or bluff. You either bet for value, or you bluff, based on what you perceive to be your opponents calling range.

Yes, ranges DO overlap and thus hands that are within that overlapping range will create an illusion of two way bets, i.e when you bluff with your "best" bluffing hand and he calls with his worst calling hand, but that is purely an effect of overlapping; the INTENTION is still always just value or bluff.

The only exception would be rare circumstances where for example you assume that you in fact have an inferior betting range compared to his calling range, but where you can make a small bet that you feel will induce a bluff so often that what you make out of calling his checkraise bluff (or the like) is MORE than what you lose all those times the opponent simply calls you.

Thus, two way-bets only exists in terms of RESULT, not really as in terms of intention, and thus I really believe the whole usage of the term is pretty nonsensical.

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I think that's exactly that...

The bet is simply a realy thin bet, end of the story. Sometimes it goes one way sometimes it goes the other way, but what's important is what your intention were