What caused the chain to split? Is there any reason why the new chain would be better than the old one?
Still under investigation, but what's certain, is that miners using old P2Pool versions, at this moment, are likely to have caused it. As for the causes and reasons... too technical for me, someone else might shed some light.
There is no "better" chain - all nodes can communicate with each other through the network, so i think payouts aren't affected. Just some more decentralization. (and a bit of confusion)