Project Gemini - more like a a jetisoning of a spent fuel booster (spin) rather than a true split?
Lets see how they name the new companies. If the great brand name of SAIC doesn't remain post split in one of the new companies it would be foolish. Looks like the spin off will be the low rate/low margin spent fuel contracts. The split employees will be hosed with benefit cuts and layoffs and probably will not survive long term without the mother ship. The mother ship company will be high rate/high margin. I'm not sure the individual pies after the split will grow faster as the split advocates suggest. Time will tell and plenty of smokescreen will be laid upon detach.
At this point the shareholders are all just rubbing their crystal balls and guessing at the outcome. Lots are believing that "company #2" for lack of a better name, will be bought out/acquired/sold. That's not a bad thing.
Like you said, only time will tell. I'm holding on for the ride though and staying positive.