If the story is not true, what really does Life & Style have to lose. The split cover story has gotten them so much coverage, it doesn't matter what the actual outcome of the relationship is.
Here is the statement released with the denial of the breakup.

FOR IMMEDIATE RELEASE STATEMENT REGARDING TOM CRUISE AND KATIE HOLMES AND LIFE & STYLE MAGAZINE Los Angeles, CA (February 14, 2006). In reference to a forthcoming cover story in the tabloid magazine Life & Style about Tom Cruise and Katie Holmes, it should be known that the story is 100% false. Mr. Cruise and Ms. Holmes are still engaged and are moving forward with their wedding plans, as well as planning for the arrival of their child. Despite the malicious fallacies put forth by Life & Style magazine, the couple is looking forward to a long and happy life together as a family.

Now, how we've seen it work with other celebrity couples of lately, we should be seeing the actual breakup in approximately two months time. However, I'm thinking that TomKat may postpone the breakup to mid-summer to avoid any fallout that could tarnish the image of Tom Cruise.
Source: socialitelife