Hello,
Personally I would use usercontrols rather than forms to do that.
UserControl1 userControl1 = new UserControl1();
UserControl2 userControl2 = new UserControl2();
this.panel1.Controls.Add(userControl1);
this.panel2.Controls.Add(userControl2);
userControl1.Dock = DockStyle.Fill;
userControl2.Dock = DockStyle.Fill;
Valery.