DC Comics sent out a press release explaining their post Flashpoint plans for the company, as well as sending out a letter to distributors. The news has run with this, and DC Comics is getting non-geek media attention for this particular move.
According to DC they are rebooting the franchise to make some of the heroes younger, redesign the costumes to be more modern, and focus on interpersonal relationships as well as rooting their stories more in the real world.
While I don't doubt they are floating some trial balloons to see if a few items added or subtracted to various characters will be appealing to fans, I call shenanigans. I don't this this is a real reboot. I don't think this is a Crisis on Infinite Earths style reinvention. I think this is a post Flashpoint gimmick in the vein of Brightest Day following Blackest Night, and except for a few things that DC identifies as working for them, the whole thing will fade in a year or less.
I could be wrong. DC may really, honestly be planning on sticking with this continuity for more than an year, until they do Son of Infinite Final Crisis 2. But I think they have done too many recent groundwork books to reboot permanently (why reintroduce Swamp Thing and John Constantine to the DC continuity that is getting rebooted, when you can just reintroduce them after the reboot as part of the new continuity, for example).
I'm honestly thinking DC is much more likely keeping an eye out for some streamlining of origins, especially for the purposes of future movies, and trying out new costume elements to see how they are received, but other than that, the press release reads much like the "Superman is dead, and he's never coming back" press releases, or the "Batman is no longer Bruce Wayne, seriously, he's going to be Jean-Paul Valley from now on" press releases of days past.
In the meantime, I'm hoping Green Ronin's DC Adventures sourcebooks and even DC Universe Online keep some of the more classic elements alive until this thing Zero Hours out.