Ultimate DC!

Newsarama and DC's own blog The Source have announced a new project from DC that is essentially Marvel's Ultimate imprint done right. The upcoming Earth One series will start off with retelling the origins of Superman and Batman free of existing continuity. Of course, DC tried this once before with their All-Star titles, with differing results, (Superman = great, Batman = not so great) but the difference this time is that they will be done in graphic novel format. I think this is perfect.
The whole point of these reboots is to tell stories with recognizable characters, but make them accessible to new readers or casual readers by jettisoning the 70 plus years of mind bending continuity loops. The problem has always been the actual physical accessibility of doing them in the monthly floppy issue format: casual readers don't want to read it in monthly installments, nor do they want to get shafted on, say, issue 3 when Diamond decides to not ship that month's issue. With the graphic novel format, you can entice new readers with the single contained story anyone can read without knowing the results of any of the myriad of crisisi.
I think its a great idea, and if executed properly, could be a new dawn for the comic book industry. JMS and Geoff Johns are slated to write the first two, so here is hoping it will be a success. Now, lets take bets on how long it takes for Dan Didio to get greedy and start the Earth One MEGA CROSS-OVER EVENT! NOTHING BE THE SAME AGAIN!