I dunno, "parting ways" seems a little premature. Hopefully it's a detour, not a dissolution.
Perhaps, as jetpig suggested, the work will just be sifted into different channels (just as UW and Tomato have been for years). Rick'll have his soundtrack work under his own name, Karl his art exhibitions. And every so often they'll meet to give us the glorious whirlwind that is Underworld.
As long as they still perform every few years somewhere in between the US coasts, I'll be happy.