It is a bitcoin network fork that does not look for complete consensus. It uses the full blockchain history up until the point the spinoff occurs. The fork will be done cleanly so that no replay attacks are possible. The market will then be able to decide how each side of the fork/spinoff is valued. This will be similar to the ETC and ETH situation except for with a lot more planning and done a lot cleaner. Our website
www.bitcoinforks.org has a lot better explanation on it.