Well, I wouldn't say all the current books are "cancelled", but any that are continuing (yes, even Action Comics and Detective Comics) are starting over with a new "Issue No. 1" in September. Many (but not all) may have new writers and/or artists, and several characters (but not necessarily all) are having some changes (may vary as to how much) to their back stories.
--- In firstname.lastname@example.org, c_midnite <c_midnite@...> wrote:
Something that wasn't clear in the official news was whether or not all current books are canceled, but I am guessing so. Looks like I will finally be saying goodbye to DC. Been a fan since the super friends. Will stick with the smaller press I guess - IDW, AC, moonstone, dynamite (zorro,phantom, lone ranger, greem hornet, reprints).