I work for a company that was spun off by HP then spun off by that resulting company. Twice removed we are now doing quite well. You lose the benefits and negatives that come with being part of a large company...but the net result can be positive. HP has become a REALLY large company, even since I left there 3.5 years ago (for their twice-emancipated child). I think it is very possible that HP is too large (both in scope of products/services and number of people) to be effectively managed by a single CEO + management team...and that is one of the underlying causes of the turmoil seen for the past decade. In that respect it does make sense to spin off the PC business.
HP's size and structure is also inhibiting to some types of innovation and entrepreneurial spirit. HP had this online backup solution (I think called "HP Upstart") that was the result of buying/integrating a start-up in that space. They wanted to grow it and make it into a large offering for consumers, enterprise customers, etc. Problem is it is simply not possible to create a profitable online backup service when forced to do things the standard way in HP DataCenters which makes your cost significantly higher than the price folks like BackBlaze charge (while being profitable).