Ideas aside, I'm thrilled that this series is moving forward. I've been thrilled about the reboot since I saw First Class.
Despite some continuity problems, the PTB behind First Class do not consider it to be a reboot, but rather a prequel to the other X-Men films. At the present time, there has been no indication that this stance has changed.
It remains to be seen, though, whether or not Origins: Wolverine and The Last Stand will be acknowledged or ignored now that Bryan Singer has renewed his affiliation with the franchise, and I would expect that DoFP will give us a good indicator when it comes to the latter.