What I had heard was that he split up into 5 to maximize the amount of money he could leave his son (he was dying as he wrote it), though I'm not completely sure that is true.

Oh man I loved it.

I hadn't heard of the comparison with Marquez - Bolano seems much heavier to my eye, though I suppose their stories unfold in very similar ways.

Yes, I suppose it meanders a bit. I would call it a character driven, rather than plot driven, book. I found it to be very rich in the sense that there is a lot going on between the lines that isn't explicitly stated in the text. I think the part about the critics, and their strange, complicated relationship, is the part that stuck with me. Equally, the part about the murders really stuck with me, though it was extremely fatiguing to read. They aren't simply murders, instead they're a symptom of something else. The story portrays them somewhat as systatic, but as the details come to light it is revealed that they are random, without thought.

Have you read any of Bolano's other books? I thought that it was a culmination of themes that he has written about throughout his life: love (what is it? I think he's critical of it); and the institution of art (despite being an artist). I think understanding something about where he's coming from would enhance your reading.