Well, it would be about time they had a proper reformation... almost on schedule, too, when you compare the protestant reformation starting about 1500 years after the origins of christianity, to this proposed reformation which in turn takes place about 1400 years after the origins of Islam.
They've had divisions to different sects before, mainly Shi'a and Sunni, (kinda like the Roman Catholic and Orthodox Christianity) but not an actual reformation where they adjust theire viewpoint and interpretations of their scriptures to the surrounding world rather than make the surrounding world match the scriptures and viewpoints.
Whether or not it's widely accepted will remain to be seen, but obviously the Roman Catholic church is still the biggest single branch of cristian sects - protestant sects are still a global minority. Probably something similar might happen in Islamic world... most likely the more advanced and educated countries will assimilate the new stuff, while the poor buggers and oldskool islamic countries will undoubtedly stay on the shia/sunni versions of Islam.