Ladies and gentlemen, the overlay has been split and they're set up! Current Gentoo/overlay users don't need to change anything: the URI is the same and layman can still pull from it. However the URI has changed and this one is kept only for backward compatibility. In order to avoid a (completely harmless) warning when you issue layman -S ("The source of the overlay "sabayon" seems to have changed."=85), the easiest solution is:
layman -S layman -d sabayon layman -a sabayon and you are set up. Every overlay committer would need to clone the second overlay. It's available in layman too (sabayon-distro). Here are the clone links: http://git.sabayon.org/projects/overlays/for-gentoo.git and http://git.sabayon.org/projects/overlays/sabayon.git (the second one useful mostly for Sabayon developers). Please report if you have issues. Enjoy!