Well, according to Wizard Magazine Hal Jordan, one of the original Green Lanterns, is going to be a Green Lantern once more. Hal was originally a GL before he went nuts when TPTB(The Powers That Be) wouldn't allow him to rebuild his hometown after Coast City was destroyed by the evil Cyborg Superman and Mongul. He went crazy trying to get all the power rings he could to bring back the city and finally turned into Parallax, a malevolent force who tried to turn back time during the Zero Hour storyline. He even knocked out Superman during an important fight in the story.
After that storyline ended, Hal and Kyle fought to a near death final solution and Hal was offered the power of GL back but he refused and went off in self-exile. Until The Final Night, when the Sun was snuffed out by a being called The Sun Eater and Hal used all his power to relight it, sacrificing himself and then becoming The Spectre, The Spirit of Redemption. However, he has given all that up and will return as Green Lantern in the storyline called Green Lantern: Rebirth to start in the comics this month or next.
Hal will be facing villains old and new, possibly including his arch enemy, Sinestro, a former GL who turned evil when he was driven mad with power and stripped of his power by the GL Gods known as Oracles. Hal will also be returning to the JLA and while some will be wary of his return, others will welcome him back with open arms. Don't think this means the end of Kyle Rayner, current GL. There are big changes in store with Kyle but he and the GL Corps, which is made up of every single GL in the universe and maybe more!
When I was a kid, I wanted to be a GL so bad. I wanted that ring because you could make whatever the heck you wanted. I was so sad when Hal turned evil but then relieved and sad when he redeemed himself to save the Earth. I'm so glad he's coming back and I definitely cannot wait to see what else is next.
GL Battled it out with Silver Surfer in the Marvel vs. D.C. war and fused with Iron Man to become Iron Lantern when the two universes fused.
My boss is a huge member of the comic book community and he can distribute comic books. I asked him if there will be a GL: Rebirth trade paperback, which is when they collect all of a storyline into one book. He told me he thinks there will more than likely be one since it's a big hit but he will check for me and tell me if he hears about one happening for certain. When he does, I will post that news on here.
My boss just told me today at work that this miniseries will go 6 issues. I believe after that we will see the trade paperback collecting the entire thing and then some sort of GL comic with Hal.
Everyone asks me "What about current GL Kyle Rayner?" Well, we will find out his fate at the end of the Rebirth storyline. I don't think he will die though. I doubt that will happen since he's very beloved.