This is extraordinarily good news. Not only does it relocate an important character in the Marvel pantheon back to a time when America had some sort of idea about when combat was morally justifiable (though a newfound love of it does seem to have come with a dramatic increase in the speed with which it will be engaged), but it's also perfect for the character.
Not to mention the fact that a period piece Superhero flick is something that a lot of people who are me have been clamouring for. Basically, a fleshed-out version of the flashback scenes in The Ultimates would be good enough for me.
Of course, there's no word on director or casting yet. Personally, I think Ridley Scott should be making this. Though there's every chance he doesn't.