Cricket has been split for some time sohum, it's integrity has been compromised for years and it's about time these issues came to a head. In the short term a split would be devastating but in the long term it might just sort out the issues present.
I think you're taking too cynical an attitude towards cricket.
Let's take a look at the actual cricket being played. We're at the most competitive moment in international cricket right now. Test cricket's top spot is up for grabs at the moment with any of the top 4-5 sides capable of winning against each other. ODI cricket is enjoying somewhat of a revival as people are getting bored of watching Twenty20. We've seen several world class fast bowlers emerge over the last couple of years to straighten the balance that had been progressively shifting towards batsmen.
All the politics and integrity really are not important from a cricketing point of view. Controversies will always exist--doesn't matter if the next president is Howard or that Kiwi bloke or Lalit Modi.
I completely disagree that a split now wouldn't be devastating in the long term. How many years of test cricket has it taken us to reach a stage where we have so many competitive teams? Are you willing to throw all that away just because the BCCI flexes its muscles every 6 months? There is no way to guarantee that by alienating the huge fanbase in Asia now, that you will ever get them back in the future, especially when the BCCI ego is at stake.
Cricket in India will survive without the ICC (heck, it could probably survive just with Sri Lanka--as we have seemed so intent on proving with our endless series' against them). But the ICC relies very heavily on the money that it makes by keeping India in the fold. And I'm not talking about BCCI, I'm talking about their sponsors (used to be GCC, might still be the case). Do you know the 4 companies that sponsored the CWC2007? LG, Pepsi, Hutch and Hero Honda.
One of these companies was completely Indian (Hero Honda). Hutch was the Indian subsidiary of Vodafone, and I'm pretty certain that Pepsi and LG were acting through their Asian subsidiaries, if not their Indian ones. You might take the moral high ground by throwing away all that money, but the ICC won't be able to survive without money. And the fact is that most of the money is coming from Asia, NOT THE BCCI, but from actual Asian companies.
I'm sorry, but there is no way I can agree that a split would be good for cricket. I don't think even John Howard is daft enough to try and effectuate something like that, though.