Yes, Burns confirms it'll be three volumes, though in this (spoilery)
interview he says there's no overarching title, so possibly no three-in-one collection will occur afterwards.
The story is essentially Burns and Burroughs meet Tintin. And it's as awesome as that sounds.
Speaking of Chris Ware, Acme #20 just came out, and is very possibly the greatest thing Ware's ever done.