Is it possible to have two models $M$ and $N$ of a theory $T$, an elementary embedding $f$ from $M$ to $N$, and also an elementary embedding $g$ from $N$ to $M$, but such that $M$ and $N$ are not isomorphic?
I myself think the answer is no, but I don't have any good reasons. I'm looking for an example.
One simple source of examples is the theory of dense linear orders. This theory has quantifier elimination, so any embedding is elementary. So, for instance, $M=\mathbb{R}$ and $N=\mathbb{R}\setminus\{0\}$ each elementarily embed in the other (the embedding $N\to M$ is obvious and $M$ embeds in $N$ since $\mathbb{R}$ is order-isomorphic to any open interval in $\mathbb{R}$). However, they are not isomorphic, since $\mathbb{R}$ is Dedekind-complete and $\mathbb{R}\setminus\{0\}$ is not.