As you may already know, Carl Icahn wanted the split to happen a while ago according to the NY Times. Now eBay and the board have decided it is indeed the right thing to do. It is suppose to happen sometime next year in 2015. It is official and on the eBay corporate site with the recent press release entitled eBay & PayPal to Become Independent Companies in 2015
Here is what Yahoo finance has to say about the split:
Is eBay Taking the Easy Way Out?
eBay had no problem enjoying the market dominance of PayPal after they bought them. Now that the industry is more competitive they are spinning PayPal off and asking someone else to do the hard work.
Of course that is only one opinion.