I think Karen Berger herself said that she always wanted Vertigo to be a creator owned and original IP outlet, and that originally including DC properties was more of a way to keep the line interesting to more mainstream customers. What does seem a waste is DC's new rating system, which they never go above a T+ so it means adult aimed DC properties are nowhere on the horizon. I'm cool with the Vertigo-verse being re-integrated, I think the DCU is better for it, I just wish its wasn't as toned down for the characters that need less censoring.
Another problem , Image offers far better deals when it comes to creator owned stuff, for example, I believe the Vertigo contract says that WB has first rights to any movie deal, but since we all know WB doesn't ever seem interested in making them the creators don't have any reason to take their ideas to Vertigo if possible movie deals are just going to be sat on and never used by WB.
Vertigo still has brand power, but they need to be attracting the Image crowd far more.
I believe there was a wacky silver age version that appeared in a Batman #127 called Harry Meke, who was actually Thor. He showed up before the Marvel one, that had a similar ordinary guy turns into Thor premise.
He's also probably shown up elsewhere in mythology based adventures, I know there was one in Neil Gaiman's Sandman that was pretty funny.
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