Both ends can be enchanted separately, they do not have to be the same (my treasure generator is still written to the 3.0 method; this is actually the first time I'd noticed that change). The reduced capability is the only curse: On the material plane, one end is +1 ghost touch, the other simply masterwork; on the ethereal, both ends are +2 ghost touch disruption. Even with just the lesser abilities, that's an 8,600 gp weapon. If you find a way onto the ethereal in a zone that's not trying to build a prison out of shadow and seperate from the material, you have a 100,000 gp weapon and float around slaying undead with impunity. (Fortunately, the ethereal plane isn't easily accessible for another four character levels.)
The only ones who would be particularly interested in the Eye are the Dreamwalkers, and they're not really in a position to afford to pay for it. Fleck may claim it as part of his share, though, and pass it along as a charity. He'll also take the Immovable Rod if no one else has a use for it; knowing him, it'll probably become a carpentry tool somehow.
With Rolf, Argus and Fleck taking powerful magic items, maybe the liquid assets should only split four ways.
Edit: Emiricol, I tried to send the XP sheet, but it didn't go through; if you haven't gotten it by Sunday, let me know and I'll put it on webspace long enough for you to grab it.