As noted on Wednesday, the WWE Draft is currently scheduled to begin on the Friday, October 11 SmackDown episode from Las Vegas, then end with the October 14 RAW from Denver. The idea is that the Draft will help establish permanent RAW and SmackDown rosters following the SmackDown Fox premiere the week before, as a part of a series of moves in October that will be done to help "freshen up" the shows.
Regarding the separate rosters, it's been reported that both RAW and SmackDown will have their own storylines and ideas, giving everything a more exclusive feel. The Draft will help bring these changes in. PWInsider reports that WWE talents have been told that there would be stronger boundaries between the brands come this fall.
On a related note, it's believed that the Draft and the related changes planned for October will also bring the end of the Wild Card Rule, but we may have to deal with it until then. The report warned that things are constantly changing in WWE these days, but it makes sense to do away with the Wild Card Rule if they are looking to solidify the exclusivity of each brand. With that said, there has been speculation on WWE continuing to do some cross-promotion between the rosters, at least with some of the top Superstars.