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What are the benefits/disadvantages of splitting up checkout process

The purchase page (https://staging.volcanicpixels.com/ssl/buy) has quite a few fields on it and I'm considering splitting it up however I'm not sure whether that would actually improve the process at ...
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Vertical alignment of credit card date fields

Echoing my answer to Is it a bad idea to have all credit card fields on one horizontal line?, there is much evidence that suggests that vertically aligned fields and labels are the best way to layout ...