No, dogs shouldn't be fed a diet of cat food. A dog may occasionally eat some cat food and might end up with no other problems other than an upset stomach for the indulgence but they can not live on cat food and would have long term health consequences and vice versa when it comes to cats living on dog food.
Dogs and cats have different needs when it comes to diet and nutrition and what they need in their diet to be healthy. Even though they may both live primarily on a meat based diet they have other specific nutritional needs that don't apply to the other species and the levels of vitamins and nutrients needed are totally different.
Cat food is richer with higher protein and fat levels as well as certain vitamins and nutrients vital to cats but not to dogs. A dog that eats cat food on a regular basis is more likely to suffer from malnutrition and pancreatitis because of the other differences in their nutritional needs. Cats need a lot more taurine in their diet than dogs and the differences go on and on.
