I've said before that I don't actually think trying to make books more accessible to a broader audience is a bad idea at all, just that "Put a new #1 on everything and have Jim Lee redesign all the costumes" has already proven itself to be an unsustainable way of implementing that strategy.
Some good books came out of it. I really like Frankenstein: Agent of SHADE (it's sorta like Hellboy with the Universal Monsters), Demon Knights (medieval superhero team where everybody is constantly on the verge of stabbing each other in the back), and Animal Man (straight-up creepy horror comic with a superhero in it). Some books have good ideas even if their execution is lacking (like Action Comics). And some, like Green Lantern and Batman Incorporated, are pretty much completely unchanged and basicall ignored the universe being rebooted around them.
But yeah, basically just more of the same with a 1980's continuity reboot and 1990's costume designs, and ultimately just a hiccup in readership. (As I mentioned the other day, there is a fucking problem when there are 5 monthly Batman books and NOT ONE OF THEM is suitable for children.)
And that's all Before Watchmen is going to be, ultimately. It's a creatively bankrupt idea that might turn out a few good books and cause a spike in sales, but it won't bring in new long-term fans and it'll just be a blip on the radar that nobody even talks about in a couple of years.