If you've seen the Absolute Editions of 'League of Extraordinary Gentlemen', then you know what we're in for. In the case of 'Sandman', volume one is being completely recolored, and the results are simply incredible (scroll down the linked page to view a sample). And of course there will be other assorted goodies to round out the package.
Given my budget I probably shouldn't even be lusting after this, but I am definitely tempted. I think I may just have to convert a pile of vintage X-Men issues into an Absolute Sandman fund!