I think it is a good idea to split Hewlett Packard into 2 companies. The PC and printer market is a very different business from the Enterprise market these days. The PC market in particular is shrinking, while the Enterprise market is increasing. I think the shrinking PC market could drain resources from the Enterprise part of the business, so splitting them will allow the Enterprise division to show true growth.
Hewlett-Packard hasn't been doing well for quite some time so any move is better than nothing. I think it is a smart choice that can allow the different segments to modify and operate separately. I don't think the PC/printer side is going to do well because now they won't have access to the extra gains from the services side.
With Hewlett-Packard as two companies, each area can operate as it needs to, to ensure success. IT companies are struggling in the traditional markets - people don't buy a desktop PC every year, if they buy them at all anymore. Any company which has been around for a while needs to be able to change - and smaller companies can do this much more easily.
HP is known worldwide as a reliable company that provides quality products. While it is possible to split the company and get the word out to customers, there is undeniable benefit in the value of a household name. Customers trust Hewlett-Packard. Customers would have to learn to trust two additional companies. Keeping Hewlett-Packard the way it is benefits the company and most importantly, its customers.