Lots of questions are certainly going to get re-churned with this news, including what kind of effect if any a new-new take on Battlestar will mean for the recently finished RDM series and it's spawn in Caprica which airs January 2010.
The HitFix post has some great links to some of the original plans for a series reboot from Bryan Singer and Tom DesSanto, who cut the project just before starting it back in 2001. They also go back to Richard Hatch's attempt to do a reboot. All of these treasures can be found in the archives of BattlestarGalactica.com.
Personally, I have mixed feelings. There are rumors of grudges Gary Larson has toward the RDM "reimagined series", and I can't help but wonder if Larson is pushing for this in spite of Moore's version. At the same time, I think Bryan Singer is a good choice to handle the project, as long as they let a little more time go by and Singer is given some creative control. I wish Bryan Singer would rehash his Logan's Run reboot he teased about several years ago before BSG gets put in the blender again.
Also at The Hollywood Reporter
Discussion at io9