Mark Bomback, the pen behind Race to Witch Mountain, has been hired to write the screenplay. The series follows seven young superheroes who were chosen for their unique abilities by Sir Reginald Hargreeves -- who also happens to be an alien disguised as a wealthy entrepreneur. They're a rather troubled bunch and disband, but then reunite after Hargreeves' death to (what else?) save the world.
The series was something of a lifelong dream for Way, who was once a struggling artist and animator, and he published the series at Dark Horse hoping that his fan following would help boost sales and awareness of the industry. I don't know if it's done that, but it seems to have been fairly popular in its run.
If you're curious, Comic Book Resources has a preview of the first issue up, and there are some additional pages up at Forbidden Planet. It's a little too Goth and conscious quirky for my tastes, but hey -- maybe it'll play better on the screen than it does on the page. Lining up a solid director would help, too. We'll see.