Hello Chuck,
Two contexts. hmm let me explain you something:
The whole concept of allowing same security level traffic will apply when we are on a single box . In this case our traffic must go to the outside world from one of our contexts to be able to get to the other context, in that particular case then the traffic will be seen just like an outside user so policies will need to be done in order to allow inbound traffic ( ACL checks,etc).
I hope I was clear
Regards
Julio Carvajal
Senior Network Security and Core Specialist
CCIE #42930, 2xCCNP, JNCIP-SEC