Yes, CSS3 has a new module CSS Paged Media Module [0]. This should eventually replace XSL-FO for formatting for print. What I don't understand is who finds these useful anymore? except big enterprises like telecoms with dying legacy requirements. Those requirements will get totally replaced by web... Maybe there is still a niche for archiving with PDF/A

*Maybe publishers that don't want to be locked in with a single formatting tool (indesign)

[0]https://www.w3.org/TR/css3-page/