In a nutshell…
Waters wrote the lyrics once Syd Barrett went mental and I think this went to his head as he felt that HE was Pink Floyd and wasn't getting enough recognition. My own view is that Dave Gilmour was as much a part of muscial success of the band in much the same way that the Stone Roses wouldn't have been so successful if it wasn't for the pairing of Brown and Squire.
So Waters left expecting the band to dissolve but Gilmour resurrected it with Rick Wright, writing new material and playing the old stuff resulting in the real bitterness between Waters and the rest of the band. I think they may even have had some court battles.
Post Waters Floyd was still successful musically, playing the old stuff but I always felt the new material was lacking.
Waters' solo stuff is worth a look and even Syd Barretts solo music has some gems amongst the madness.