I've been wondering the exact same thing...
Here was a quote from Frank Queitly at the WonderCon 11:
"I've not started on it yet," Quitely said. "I'm halfway through the ten extra "We3" pages, so I'm guessing -- I'm hoping -- by, like, from a month from now, I'll hopefully have some 'Multiversity' script. I really know very, very little about it. I know it's the Charlton characters, the book I'm doing. I don't know how many other books there are or what other groups of characters they've covering but Grant's told me that I'll have script by the time I finish the 'We3' stuff, so that is the next thing I'll be starting on, so it shouldn't be too long. He did also say it's going to take me forever to draw, because he's made it super complicated," Quitely answered to chuckles from the crowd.
Courtesy of CBR. More of it here:
http://forums.superherohype.com/showthread.php?p=20022795
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