Is Watchmen 2 being considered yet again?

Every few years or so, the internet hears whispers of DC Comics' plans to exhume Watchmen so that everyone can sleep on futons made of woven sapphire and topaz.

The latest rumor comes to us from Rich Johnston of Bleeding Cool, who reports that the success of DC's New 52 initiative has reopened talks of a Watchmen series of prequels:

[It] had the code name "Panic Room". That names mentioned included Dave Gibbons, John Higgins, Darwyn Cooke, JMS, JG Jones, Andy Kubert and more.

Indeed I am now told that there will be four Watchmen miniseries, all prequels. Working off an over-arching uber-plot by Darwyn, who will be writing and drawing on a book or two.

It's unclear whether this is the actual creative team or more of a wish list, but that's some serious creative muscle being thrown behind this project. A Watchmen prequel would certainly be profitable — and perhaps even readable — but is it necessary? Grant Morrison's had a parallel universe Watchmen tale in the works for a while now, but that project's not going anywhere fast.

What say you, readers? Like two blue-balled Dr. Manhattans, are two Watchmen too much? The graphic novel is about as open-and-shut as one could wish for. At least nobody's bandying around The Further Adventures Of That Clumsy Guy From The New Frontiersman.

UPDATE: Johnson further notes that this initiative is not without its critics within the publisher: "a decent sized chunk of DC is not on board for this. That they love Watchmen as it is, and see these prequel mini-series as diluting that."