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This refers to a condition which has some of the characteristics of schizophrenia, but not enough for a firm diagnosis, or perhaps some of the characteristics of schizophrenia and some of the characteristics of another condition. This term is also used in several different ways: as a separate diagnosis, with its own group of symptoms as a way of describing a mild form of schizophrenia, and as a diagnosis of personality abnormality.

This lack of precision in the use of the term makes this diagnosis of limited value. Often a person given a diagnosis of borderline schizophrenia will later be given a diagnosis of schizophrenia, mood disorder or personality disorder.

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From: http://www.enotalone.com/article/3017.html