Despite the writers' claims to the contrary, the new movie IS a reboot, but the idea that it's a TOTAL reboot - ala 'Batman Begins' - is a false one. The film does the same thing that 'Casino Royale' did for the James Bond franchise, rebooting and rejuvinating the property while still incorporating or referencing elements from previous iterations. The primary difference between 'Casino Royale' and 'Star Trek', however, is that ST offers an explanation - multiple explanations, actually - for its derivations, while CR did not.
Ah yes, Casino Royale is another great reboot I would compare this too. Even better than Batman Begins. References for the fans, the essence of the characters is the same, even some facts in the reboot are the same as the old, but not the same universe.
But remember that Casino Royale didn't say anything like, "everything from the Connery movies is the same continuity as this new movie, but then after that it's a different timeline."
That would be silly, and wouldn't make any sense. When they make future Bond movies they will not adhere to any continuity or timeline from any Bond movie from before the reboot, because it's not the same "universe". I think Star Trek is exactly the same here as the Bond reboot.