Scott Snyder's Ultimate Line For DC Is To Be Called Absolute Comics

rather than something separated from the main line ... this will be something published in conjunction with the main line, part of a larger initiative that aims to spotlight DC's entire lineup. But there will not be a reboot or even a relaunch of the main line, that will remain intact and continuity (along with many creative teams) will continue on. 

So this is essentially a long-term Elseworlds or Earth-Whatever within the same shared universe?