There does seem to be an ongoing factional dispute. The SWP isn't used to those, so exactly what will come of it isn't clear.
Before the mid-1970s, factional disputes were common and didn't generally lead to splits. At any point from the mid-1970s to the mid-1980s, the minority would have found themselves out on their collective ear in short order. From that point onwards, six or so sets of mass expulsions later, few people put their heads above the parapet and anyone who looked likely to do so tended to find themselves booted out before they could begin to organise.
This ongoing dispute is new territory for them. It's the first time there's been an organised opposition in 25 years or more. It's the first time in 35 or so years that an opposition has involved leading figures in the organisation. It also comes after a bout of soul-searching about the lack of internal democracy in the organisation. There simply aren't any recent precedents to point to, so it really isn't clear how they will deal with the situation.
So far it seems that a website - which was not pushing openly factional material or criticising the SWP leadership, but which was apparently run by people supportive of the minority - has been shut down and two students, apparently associated with the minority, have been suspended. That tends to point towards an oncoming purge, but not necessarily. It could simply be a warning shot across the bows of the minority.
While the logic of events so far points towards a split, it's not clear to me that a split is in the interests of either factional leadership. Does anyone really think that Rees et al, are looking to start their political lives anew with a group of a hundred people or whatever? Similarly, if the minority can be handily defeated at conference and then forced to dissolve for nine months, it may be more in the interests of the current leadership to seem relatively magnanimous. Then again, the Respect split wasn't in their interests but that didn't stop them from escalating that situation until one was inevitable.