Hi loverbey,
do you mean HSRP between r1 and r2 on the links towards ra and rb, or on other interfaces (e.g. an ethernet lan with hosts using the hsrp address as default gateway).
HSRP on the point-to-point links will not work, since r1 and r2 will not be able to send each other hsrp packets on these links.
HSRP on the LAN side will still be useful, but be aware that the active router will attract all outgoing traffic and send it over its link (e.g. r1 to ra) so the other link (r2 to rb) will not be used (at least in this direction). A solution is to implement MHSRP, see http://www.cisco.com/warp/public/619/7.html
If this does not answer your question, please describe you situation in more detail.
hth
Herbert