Looks like the answer is a resounding "yes."
A cover image for Batman: Earth One hit the airwaves today, along with the following description:
Geoff Johns, the writer of BLACKEST NIGHT, GREEN LANTERN and INFINITE CRISIS re-teams with superstar artist Gary Frank, his collaborator on SUPERMAN: SECRET ORIGIN, SUPERMAN: BRAINIAC and SUPERMAN & THE LEGION OF SUPER-HEROES, to create this original graphic novel that gives new insight into Bruce Wayne's transformation into Batman and his first year as The Dark Knight. This follow-up to the # 1 New York Times bestseller, SUPERMAN: EARTH ONE, by J. Michael Straczynski and Shane Davis is the latest in the series that features the industry's top writers and illustrators and their unique takes on DC's characters. It's the perfect book for new readers of graphic novels as well as longtime comic book fans.Release date appears to be May 2012, which'll be a busy collections month alongside the rumored release of the first DC relaunch collections.
I'd note that description certainly makes it sound like there's more Earth One books to come -- "the latest in the series that features the industry's top writers and illustrators and their unique takes on DC's characters," indeed.
But, while I enjoyed Superman Earth One, I do wonder if in the midst of new takes on the DC Universe proper, will there be sufficient interest in another new take, disconnected? That is, if Geoff Johns recreates Batman while Grant Morrison recreates Superman, Gail Simone recreates Batgirl, JT Krul recreates Green Arrow, Paul Cornell recreates Stormwatch, and on and on ... will there be enough people around to read it?
Also: if DC's gone day-and-date digital for all of their titles, and then they publish Batman Earth One, will you be able to find it on a computer screen near you?