When you split a layer, both resulting layers contain all of the keyframes that were in the original layer in their original positions. Any applied track mattes retain their order, on top of the layer.
After you split a layer, the duration of the original layer ends at the point of the split, and the new layer starts at that point in time.
If no layer is selected when you choose Edit > Split Layer, all layers are split at the current time.
Paul Tuersley provides a script for splitting layers at layer-time markers: www.adobe.com/go/learn_ae_paulsplitatmarkers.
Lloyd Alvarez provides a script that automatically detects edits in a footage layer and splits it into a separate layer for each edit (or places a layer marker at each edit):
http://aescripts.com/2008/01/18/magnum-the-edit-detector/
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