Gaiman is asked about this on his blog every once in a while, and the answer is "nothing's happening."
Have they had the trial yet to figure out who owns the rights to the comics yet? I haven't seen any news on this for atleast a year, I just want someone to reprint the trades.
There was a trial. Gaiman won, I think. I'm not really sure. I remember the final ruling being nothing short of confusing. Miracleman is still in limbo as far as I know.
Best thing we can hope for is that it is quickly optioned for a movie as soon as Watchmen hits, and someone strong-arms the rights to tpb publication.
Otherwise, there's no hope.
Same thing that's always going on, nothing.
All I'm saying is that enough money could become involved that it won't matter who it belongs to, because there may be enough to go around.
But I mean I am knowingly grasping at straws. We all better just enjoy the torrent versions available, because it is likely to forever remain comics' white whale.