Perhaps our resident Episcopalian–Christina–can give us the inside scoop on this piece of news.
Not sure I like it–we have too many denominations as it is–but I can certainly understand why one would want to go this route.
On the other hand, there is the Law of Unintended Consequences. One only needs to look at some of the conservative Baptist denominations that broke off from the Southern Baptists–because the SBC had gone liberal for a while–to see where this can lead.
Still, there are other denominations that, having broken off from a liberal mainline, have managed to thrive. Examples would include the Presbyterian Church of America, represented by our pastoral consultant Rev. Russ Westbrook.