I think the concept got a little old, and by the third edition (out last year in paperback for the first time), the name talent wasn't quite as impressive as in the early days. Still, more interesting than three-quarters of the Bat-crap that gets churned out. Not a knock against the Dark Knight at all – it's just when there are so many Bat-titles continuously coming out, they can't all be gems...
Also, in the spirit of interesting superhero anthologies, just heard that Marvel's Strange Tales #2, coming in October, will have two covers by Peter Bagge, as well as a story by the cartoon master as well (The uninitiated can learn about him starting with Peter Bagge – The Neat Stuff Years).
Haven't had a preview of the book itself yet, but if it's half as good as Bagge's hilarious send-up in Star Wars Tales #20 a few years back (in which Jar-Jar Binks takes over the galaxy) it should be fun.