Wow this is huge. I personally love FMA and I'm looking forward to this, hopefully manga based but I wouldn't mind either way.
EDIT: Found this
Quote:
Moon Phase is saying that it is a reboot adaptation of the manga, and will be a year long TV series like the first series. It'll air starting in April 2009 on the new GeassR2/00SecondSeries slot on TBS and MBS on Sundays.
Moon Phase has never been wrong before, and he's spilled the beans for tons of stuff before they're formally announced, so there's no reason to think this isn't 100% true
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This was on animesuki boards, and from what I know, they've haven't been wrong about things like this before.