Well, to play devil's advocate, things have changed in management since the Special. I'm certain Johns had big plans for Wally and Wally was going to have a role in the resolution of the Manhattan stuff (whether that's Clock or something else, who knows for sure?). But now it seems like Johns has less influence on the comics side, is focusing more on the larger media stuff, and those original plans might've been changed. Maybe by management, maybe by Johns himself (wouldn't be the first time he's dropped a major plotline), who knows?
That recent cover reveal for HiC, with Wally and his pre-52 family, makes me believe that Wally's not actually out of the game. But it could be possible. I mean, Johns doesn't usually share his toys. For example, Aqualad wasn't allowed into the New52 Titans because Johns had plans (that he never got to). The JSA and Legion were being held in check by Clock. The fact that, reportedly, the JSA and/or Legion are now available to creators again, and that King has used Wally in HiC, point towards an inconsistency with how DC usually works around Johns' plans, if nothing else. I still think Wally's got a role to play but.....we wont know until we see it.
I came in to say this. Never sounded very likely anyway.
Though I think that report did say DC would only publish 22 "superhero" titles. I suppose the announcement of two titles about civilians doesn't necessarily contradict that.