DC Comics New 52 General Discussion (600 views)

Ok.
Convergence took place on a planet called Telos. It existed outside of space and time.
Pre-Flashpoint Brainiac basically survived Flashpoint but gained new multiversal powers from it which allowed him to move the planet.
Then he started going to cities from earths close to destruction i.e. seconds before the world is rebooted and teleported them to Telos.
Telos it'self is sentient, and acted as the villian for the first half of the book.
Later on Deimos, some old DC villian, let out a ton of multiversal energy he stole from time travelers and vanishing point (i think).
This could have caused a crisis level event but Brainiac stops it.
However, in order to stop it he must undo every crisis, specifically the first one.
So he sends the flash and supergirl back (due to their significant role in the story) plus Pre-Flashpoint Supes, Lois and Baby Supes and Paralax (Hal) to stop it.
They succeed and basically every iteration of the DC multiverse now exists in a larger omniverse (i think that's the term).

So, 
No it's not a reboot.
It only affected the Earth 2 characters, Thomas Wayne Batman died and now Earth 2 Dick Grayson is their batman. Telos was transformed into the new earth 2 at the end of the story too.
Well, it's all happened now,so it is permanent. But it doesn't really affect the staus quo much. It never was going to. No Earth Prime characters were involved in it, except Booster Gold.