Early reports seem to indicate separate titles. I love the idea of elevating the IC title, but if they absolutely must have two "world champions," I wouldn't bring back the "big gold" belt. As pretty as it is, it'll be extremely challenging for people to view it anything but "second best."
If SmackDown has its own world title, I feel like they should make it visually identical to the current WWE World Heavyweight championship with one exception: the slash underlining the logo and anything else that's red is blue instead. That's it. Everything else the same.
Here's my amateurish edit--