Talking to Comic Book Resources about his upcoming work for DC Comics, Morrison said,
I've just been doing an Earth Four book, which is the Charlton characters but I've decided to write it like "Watchmen." [laughs] So it's written backwards and sideways and filled with all kinds of symbolism and because of that it's taking quite a long time to write.
The "Charlton characters" that he mentions were the inspiration behind (and the original characters for) Watchmen; the Question, Peacemaker, Blue Beetle and Captain Atom (AKA, respectively, Rorschach, the Comedian, Nite Owl and Dr. Manhattan). This won't be the first time that Morrison has revisited Moore's 1985 series so blatantly; his Final Crisis: Superman Beyond 3-D series from last year featured Captain Nathaniel Adam (The secret identity of Captain Atom), who was - for all intents and purposes - Dr. Manhattan with hair and clothes. Whether this project represents Morrison - who's often spoken out about his dislike of the gritty, deconstructionist storytelling ushered in by Watchmen - coming to terms with the influence of Moore and Gibbons' series, some kind of metatextual joke or just a chance to take the piss, there's no doubt that Morrison's Earth Four story will be eagerly awaited by the fanboys and the curious alike.
Morrison on the return of 'Seaguy'! [Comic Book Resources]