This would result in a draw. Players don't lose QUITE instantly upon hitting 0 or less life. Rather, there's a "State Based Effect" (SBE) that says that when a player is at 0 or less life, they lose the game. These SBEs are checked whenever a player would gain priority (such as to activate an ability or cast a spell), but otherwise they don't come up. In theory, a player can dip below 1 life during the resolution of a spell or ability, and so long as they are at or above 1 life when that spell or ability finishes resolving, then they'll be just fine! In this case, when the SBEs are checked, BOTH players are at or below 0 life, and thus both lose simultaneously.
Quote:
"If you refuse to use rock, you will never beat scissors." — Galef, Dakka Dakka Forums