-Hiatus is supposed to occur after they're done with promo and touring for their 5th album
-Is supposedly to allow Louis to become an XFactor judge & let Harry do some solo stuff
-Source thinks Liam, Louis and Niall will want to get back together, but "Harry has too many options"
edit: according to the mirror and the daily mail, their rep said:
'It's all pure speculation and not based on any facts.
'The band are excited about their brand new fifth album and their upcoming tour.'
Source // Source 2
I don't think any of them would want to get back together once they're on break though, Liam will definitely try something solo