I think a split would be good for the game only because when it happens both sides will realise how much better off they were beforehand. Then perhaps they might act with a bit more of a concilatory and grown-up attitude towards each other. An example of this scenario working out well is the Super League war in the mid 90s. It was temporarily damaging for the game but the result, the NRL, is one of the best sports comps in the world IMO.
Either way, the current divisive atmosphere in the game is only going to make things worse if it continues. I've been a lifelong fan of the game, I love it, but I'm getting utterly sick of the money grabbing and power plays. It's at the point where I'm really not interested in cricket atm.
Cricket is going the same way as F1. It's no longer about the sport, it's about making money, and I just plain don't care about some suits sitting in a boardroom lining their wallets.
I'll miss the subcontinental teams should a split happen. It kind of hurts that some people here have stated they wouldn't miss us. I know we're not the strongest team, or that we have the best players, but we do well with the resources we've got. In addition, given that huge gap in playing resources, we do pretty darn well against the Asian teams.