Here's the latest on this rumor as of today on IMdB
Phillippe Lands Two-Face Role?
Ryan Phillippe may be set to take over from Tommy Lee Jones after reportedly landing the role of Harvey Dent/Two-Face in the upcoming Batman Begins sequel. Reese Witherspoon's husband will join Heath Ledger, who has signed on to play The Joker, and new Batman Christian Bale in The Dark Knight. Crash star Phillippe beat Liev Shreiber and Josh Lucas to the role of the scheming district attorney, played by Jones in 1995 movie Batman Forever, according to internet reports. Academy Award winners Sir Michael Caine and Morgan Freeman have also joined the cast, while fellow Oscar winner Philip Seymour Hoffman is in talks to play The Penguin in the new film.
Seems the rumor mill has all the Oscar, SAG and GG nominees staring in major roles in the new Batman.