I'm in the process of learning/building a site using asp.net MVC 3 using the razor engine. I have one controller/view that needs to display two unrelated lists of strongly typed objects at once ...

Most professional MVC developers differentiate "Models" from "ViewModels". Models are domain objects; they are the objects through which your presentation layer communicates with your business layer.

The MVVM is a refinement of the popular MVC design and the ViewModel in MVVM is used to facilitation Presentation Separation.