I have absolutely no idea how this is going to work, but it looks like DC Comics just announced a few minutes ago that they will be starting their entire line over with all new #1 issues set in a DCU not of the current continuity.
Announced here at USA Today.
1) All new #1's
2) I think its safe to assume we just moved to an all new Earth for the DCU and the stories we all have been reading since 1986 just got wrapped up and put on the shelf
3) The reboot is going to take everyone back to a younger, earlier point
4) Same day online delivery of ongoing content to DC's online store
5) New costumes for many heroes, including SUPERMAN (I never thought I'd see the day)
6) It's 1986 all over again
7) I think we can assume this is one way to wrap up the Lois/ Superman relationship without a One More Day resolution
8) I have to appreciate the bold move by DC to jump start interest
9) I think they're going to lose tens of thousands of readers and go back to old continuity within a year
10) No word yet on if old continuity will continue or if numbering will be preserved in titles like Action and Detective. Basically - is DC trying an Ultimates Style redo line wide and keeping any old titles, or...? I have no idea.
11) I am completely stunned. Not that I didn't think it was a possibility given the nature of Flashpoint, but... Wow, DC...
More updates as events warrant.
Something must have slipped, because DC was going to make a big announcement on June 11th, and word must have been too close to leaking.
If their Fiscal Year ends on August 31, this is one hell of a way to change the numbers for FY 2011-12.