I wrote in detail about the basics about 18 months ago. The crackup itself was ultimately not so totally much about theology — ie, gay marriage and clergy — as it was about other issues. One was financial independence, and, related to that, property issues. The other? Methodists require congregation clergy to rotate every three years; conservatives didn't want that. The reasons are largely the same reasons Catholics have similar — to prevent a local clergy power based.
Now? Things have hit a new level of seriousness.
The Texas Supreme Court said recently that the United Methodist Church can officially fight Southern Methodist's plans to set itself apart from the body on governance. SMU is the site of Perkins School of Theology, an official UMC seminary, among other things.