Doug, you post, "I think some people here are jumping to quick conclusions. PSX is not becoming an MLP but selling only their transportation assets to form an MLP."
You are absolutely correct. Most of the posters, concerning the MLPs, seem to believe that PSX is becoming an MLP, and that's not the case. The PSX MLPs will be completely separate from PSX stock. If you want to own the MLPs, then you will have to buy them as a separate entity from PSX.