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?