These cartoons may sum this up pretty well.

These articles gives more detail & reaction.

http://www.smh.com.au/national/baillieu-tells-of-sadness-after-fraser-quits-liberal-party-20100526-wbes.html?autostart=1

http://www.theaustralian.com.au/news/opinion/more-machiavelli-than-small-l-liberal/story-e6frg6zo-1225871762403

http://www.smh.com.au/opinion/politics/a-convert-to-the-preaching-will-have-no-power-to-change-20100526-wdzt.html

http://www.smh.com.au/opinion/politics/friends-hard-to-come-by-old-bull-fraser-leaps-the-fence-20100526-we5b.html

http://www.smh.com.au/opinion/politics/its-not-my-party-and-ill-quit-if-i-want-to-20100526-wdzw.html

Not surprising to those who have followed his comments over recent years but still very significant for those who seek common ground rather than extremes on both sides of politics.