Indeed, IBM powered OpenOffice can continue to build the codebase in the direction it has a reputation for; large, java-y, slow, etc. And that may well work for their customers.
Meanwhile LibreOffice can work towards creating an office suite which is usable and faster.
The two projects diverging is to my mind a good thing; I want a free, community governed office suite (LibreOffice), and the less "brand confusion" the better.