Yaakov divides his family into two camps stating that if Eisav attacks one the other will flee and be saved. However his whole family seems to be be there when Eisav arrives, furthermore Yaakov himself states (and it seems to be a metzius) that families with belongings travel far slower than Eisav and his warriors. As such how would sending one camp away have worked in practice and why didn't he actually send the camp away at all?
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After struggling and overcoming the angel of Eisav, spiritually Yaakov now knew that his encounter with Eisav would be successful and that there was no need to send away the second camp. Furthermore Yaakov felt that his method of bribery/appeasement, which had worked with Eliphaz would be successful enough to abate Eisav's anger.
I believe the way it could have worked in theory had it been necessary would be that they would leave the animals and most of the belongings behind so as to be able to travel more quickly. Yaakov specifies that traveling with children and all of the family belongings are what slows them down; it is reasonable to assume that traveling with servants (especially angelic ones) and women and children only would be able to move more quickly.
The Gutnick Chumash brings the Lubavitcher Rebbe's explanation of the verse according to Rashi.
Read it for full detail, but in short:
Yaakov was sure that G-d would protect his family. He was not sure that G-d would keep his fortune intact. He therefore split his family and their essentials in one camp, and the rest of his fortune in the other camp. Yaakov figured that "if Eisav will hit one camp (i.e. his belongings) the other camp will surely be spared (i.e. family).
We see later that all the family was together when they met Eisav.