I was a bit skeptical of this story at first. After all, "The Killing Joke" is my all-time favourite comic. Plus, "The Man Who Laughs" was, I thought, a fantastic retelling of Batman's first encounter with The Joker. So I was initially happy that DC was giving us a story that goes against both of those.
However, having bought the first two issues of the arc so I could judge the story for myself, I've found myself actually really enjoying it. It's a very interesting take on The Joker, and the dynamics of his relationship with Batman. While one complaint I had was that the story wasn't from Joker's perspective - then it would have fit in with the "my past is multiple choice" element of "The Killing Joke" - the story makes up for this by not just being a great Joker story, but a great BATMAN story. Michael Green really seems to be nailing Batman's characterisation.
Now, the question is, where does the story go next? I'd assume the Red Hood aspect of The Joker's origin will be jetissoned. But what about the chemical bath? Will "Jack" still plummet into a vat in the Ace chemical factory, or will his skin be bleached some other way?
Something else I though of, though it may be nothing. Could they be trying to create a Joker who is closer to his upcoming movie incarnation? Something that stuck out to me in the second issue was one of the thugs calling "Jack", a "kid". The word "kid" would make me think of a guy in his 20s at the oldest, putting The Joker's age in line with Heath Ledger's for - as far as I can think of, even in "Early Batman stories" - the first time ever in comics. Plus, Jack's first encounter with Batman in Confidential was in a bank, while what do we know about The Joker from "Batman Begins"? "Armed robbery, double homicide..."