Well, now (12-10-12) we know: Residential and Commercial Security businesses will be spun off into a separate, publicly traded corporation, 'everything else' will remain IR, and Lamach will remain CEO of IR.
Winners and loseers are tough to call, but I predict that the big winner will be the guy at the top, as usual, IR will continue its delcine, and the new Security corp will be pillaged. One guess who does the pillaging.
From what can be read about Peltz online, we can expect corporate overhead to be cut very aggressively in coming 12 months. Even if the savings aren't invested into the individual businesses, cutting the overhead will already help to free up the businesses from corporate bureaucracy so they can focus on customers and growth.
Too bad the CEO and board weren't smart enough to think of this themselves.
Lamach wants everybody to stay focused on their work, but with the breakup of IR looming over our head we can guess what that will mean: big payoff for Lamach, seperate businesses get acquired by competitors (like Goodman Global was recently bought) and they will then squeeze costs out to pay for the purchase price (in other words, IR workers get laid off?).
Best thing is probably to look for greener pastures outside of IR. Lamach's bonus may get a bit smaller as a result, but who cares?