We consider the generalized Chaplygin gas (GCG) proposal for unification of dark energy and dark matter and show that it admits an unique decomposition into dark energy and dark matter components once phantom-like dark energy is excluded. Within this framework, we study structure formation and show that difficulties associated to unphysical oscillations or blow-up in the matter power spectrum can be circumvented. Furthermore, we show that the dominance of dark energy is related to the time when energy density fluctuations start deviating from the linear $δ\sim a$ behaviour.

6 pages, 4 eps figures, Revtex4 style. New References are added. Some typos are corrected. Conclusions remain the same