If HP keeps the PSG, don't let it languish. It's easy to think a cash cow will continue to produce with little intervention, but the buyers of the world need a reason to continue buying your products. Innovation was what put Bill Hewlett and David Packard in the pantheon of technology gods, and innovation is what keeps HP interesting to buyers. HP is currently on the forefront of innovative PC technology with products like the HP TouchSmart. Don't stop.
If HP doesn't want to keep the PSG, spin it off with the branding intact. When IBM sold its PC group to Lenovo, the brand identity went with it, and so did the customers. Companies still buy ThinkPad and ThinkCenter PCs for their enterprise users because of the perceived quality and compatibility with IBM's servers and services. HP can do the same thing with HP Compaq desktops and HP servers and services.
Decide what to do with WebOS. We're fans of the mobile operating system at PCMag, and the recent run on closeout HP TouchPads shows that the users are too (did you hear about anyone clamoring for the Fusion Garage JooJoo when it was discontinued? Me neither). Price the next version of the TouchPad right, and it could be the iPad contender it wants to be.
Above all, fish or cut bait. Otherwise known as "make up your mind." If you want to be an enterprise software and services company, be the best damn enterprise and services company you can be. Hiring an enterprise dude as your CEO seems to voice that intent. However, if you want to be the largest hardware company in the world (and by most measures, you are), then be that. Stop messing with the corporate identity, and own up to what you are. Stockholders and customers will thank you.
For more, see Who Should Buy WebOS? and the "Who Should Buy HP's PC Group?"