The end of the Sinestro Corps War is in its conclusion. The Guardians Ganthet and Sayd tell the prophecy of the "Blackest Night" to the Green Lanterns of Earth (Hal, Guy, Kyle, and John). According to this prophecy, the existing Corps will be joined by 4 new ones---each driven by different spectrums of the emotions, and each represented by their own color (naturally). This would eventually lead to "The War of Light" which will then lead to the destruction of the universe.
In Gotham City, Black Hand removes Bruce Wayne's skull from his grave, and recites the Black Lantern oath...following this, Black Hand's ring begins to glow and light begins to emit from the eyes of Bruce's skull. The Guardians of Oa observe the War of Light, and admit that Ganthet and Sayd have been correct, but before they can act they are attacked by Scar who swiftly kills one of the Guardians and imprisons the remaining.
Thousands of black rings smash into the Green Lantern Corps' crypt, and formerly deceased Green Lanterns emerge as Black Lanterns. While investigating Bruce Wayne's grave in Gotham City, Hal Jordan and Barry Allen are attacked by Elongated Man, Sue Dibny, Hawkman, Hawkgirl, and Ronald Raymond ---who are now Black Lanterns.
Hal Jordan and Barry Allen are joined The Atom and members of the Indigo Tribe during the fight against the Black Lanterns. At this time it is shown that the Indigo Tribe has the ability to separate the Black Lanterns from their rings, allowing them to be destroyed. Indigo 1 reveals that the only way to defeat the Black Lanterns is to rally all 7 of the corps together and find the source of the Black Central Power Battery so that they can recreate the "white light of creation" to destroy the Black Lanterns.
Meanwhile, the Black Lanterns break into the Hall of Justice. The Indigo Tribe departs while taking Hal Jordan with them and leaving the remaining heroes to fend for themselves until the Lantern Corps can find and eliminate the Black Lantern's power source. More Black rings arrive and begin to revive the deceased villains whose bodies' have been kept in the Hall of Justice. The Atom and Mera escape to meet with the Justice Society of America. Flash leaves and plans to tell as many heroes as possible the information they have learned about the Black Lanterns as well as the plan to defeat them. Atom and Mera arrive to find the Justice Society fighting Black Lanterns of their fallen comrades. During the fight, Jean Loring attacks Damage from behind, ripping his heart out causing the Black Lantern battery to reach full power.
Flash arrives in Coast City, where Scar transports the Black Central Power Battery. Black Hand then summons Nekron...who emerges from the ground followed by Black rings reviving the residents of Coast City. The JLA, Titans, Flash, Bart Allen, and Wally West begin fighting the Black Lantern army. Bart Allen tells them that Dove has the ability to destroy Black Lanterns with her presence (emitting a bright, white light).
As Scar attacks Wally West, Hal Jordan arrives with members from the other Corps -- Sinestro, Larifleeze, Atrocitus, Carol Ferris, Saint Walker, Indigo 1, Ganthet, and Sayd. Following this, Bruce Wayne's corpse is reanimated as a Black Lantern in order to gain a connection with the heroes who have been resurrected from the dead. Nekron claims responsibility for many heroes being resurrected and he will expose the Guardians' greatest secret. Nekron then commands Black rings to seek and connect these resurrected heroes --> Superman, Wonder Woman, Green Arrow, Kid Flash, Superboy, Barry Allen, and Hal Jordan.
To escape the Black rings, Barry Allen runs faster than time and time-travels with Hal Jordan 2 seconds into the future leaving the rings with no targets and causing them to deactivate. John Stewart then arrives to warn Hal Jordan that every Black Lantern in the universe is en route to Earth and that all 7 corps need to unite every member to create the white light necessary to defeat them.
While the other corps are being summoned, Ganthet temporarily duplicates the ring's respective power of the emotional spectrum to help defend against the Black Lanterns until the other corps' members arrive. Many heroes are "deputized" as corps members in relation to their personalities ---Barry Allen becomes a Blue Lantern (Hope), Mera a Red Lantern (Rage), Lex Luthor an Orange Lantern (Greed), Scarecrow a Yellow Lantern (Fear), Wonder Woman as a Star Sapphire (Love).
The Corps leaders and new members fight against Nekron and the Black Lanterns, but begin to loose their footing and are unable to stop him. Shortly after the remaining Corps' members arrive and engage the Black Lanterns in the fight. Dove attempts to destroy the Black Lantern Battery, but is stopped by a figure coming out of it. In the battle, Nekron slices the throat of one of the Guardians and Black Hand uses their blood to form a symbol on the ground. He then says "Trespassor, Rise" followed by a cocoon emerging from the ground holding a figure in white. Ganthet then states that it is the Entity, living light bestowed upon the universe that created existence itself.
Nekron then reveals that life did not originate on Oa, but on Earth and that the Guardians lied about this to hide the Entity and justify their authority. At this time, Sinestro is enraged at the Guardians for their lies and stabs Ganthet with his ring. Hal Jordan realizes that the Entity is like Parallax, a "vessel that needs a pilot" to guide it into battle. As Hal Jordan flies towards the Entity, but he is stopped by Sinestro who claims that Jordan had his chance, and failed, with Parallax. Sinestro then flies into the Entity demanding its power and rises in a being of light stating that he will be the greatest Lantern of all while the Entity says "Thaal Sinestro of Korugar, destiny awaits."
And that is where we are left at. Right now I'm so impressed with how this story has been written that I just don't know what else to say or expect from Johns. He has been interviewed many times and has said it quite a bit -- that he has done his homework and plans to tie this story in with the DC books of the past. He doesn't want to wipe out anything that has already been done, but only to add to it and continue with a great story. Blackest Night #8 is arriving on March 31, and collections of the entire saga have already been announced to start shipping this summer. It has also been announced that the Blackest Night will immediately be followed by Brightest Day and will be written by Geoff Johns in 2010.