I have a domain that is doing quite well. I added a "blog" subdomain and it offers a different perspective than the main site. The blog is now a PR5 and does just okay when it comes to SERPs and readership. I'm thinking about spinning it off to it's own domain -- surround with a little rebranding and some SEO (directory submission, etc). I'm not so concerned with PR as I am with SERP's. I'm thinking that by sending it off on it's own, it could grow into a useful and viable property in it's own right. I also think it might be confusing to my readers to have to visit two parts of my site to get news. Thoughts either way? Suggestions?
It could make more sense changing over, if you do just 301 redirect the old URL to the new one and your pagerank etc will follow.