There is still a chance that they will go back to the originals, because one of the writers said that Activision is going in a different direction.... and they canceled the movie because of this direction. It could be a sign that they're going back to the originals. They said DIFFERENT, not new... and the classics is different to TLOS, so maybe, just maybe, they're going back. To me, it's 50-50 now. Before, I was so sure that they were continuing TLOS, but after that... my hope has risen...
I agree with Zackeio. They didn't need to do the reboot. Sure, Spyro was going down hill, but that could have been fixed if they took a step back in time with the series and remade ETD, then continue from there again, as if events from AHT and SL and all the other GBA games never happened. That would have been enough of a reboot, and a good one too, and they could have another chance on making Spyro original again. I don't see what's so hard about putting a bunch of portals in the games.
ETD might have been all glitchy and bad, plus the loading is just horrible, but it's still original Spyro, because you're going to different worlds, you collect gems, and you're collecting something (dragonflies in this game), plus you can toast sheep. It still had the original atmosphere, and it could have been great if done properly. All they need to do is remake it, and now is a perfect chance, and they shouldn't blow it.
To make it original, they just need portals, the same characters, toasting sheep, home worlds, collecting gems and something else, and that's about it...
If they continue the Originals, it could still work. They don't have to act like TLOS never happened. They could just make it that TLOS was Original Spyro's pass. They did say that TLOS was going to come before STD, so maybe it meant that TLOS was Spyro's PAST (that's before STD, so they're still right), and not the same Spyro going on an adventure before Gnasty came in. It could also explain how Spyro and Sparx got his name. And Sheila said that dragons lived in The Forgotten Worlds a long time ago.... so Legend Spyro could have lived in the Forgotten world years ago, when dragons lived there, and before portals excised. And all the places in TLOS could easily match the the levels in YOTD, just remade with knew technology. A lot could have happened to those places in about 200 years or more, before the Sorceress invaded, and the flying scorers never excised in that time.
Floating Islands = Cloud Spires.
Burned Lands, or that lava level in ANB = Molten Crater
The dam = Evening Lake definitely.
Valley of Avalar = Avalar: Summer Forest. Okay, Avalar is far away from The Forgotten Worlds, but Spyro could have traveled to Avalar at some point in TLOS series. He's traveled a long way after all.
Dragon City = Dragon Realms or Artisans World.
And a lot more.
Someone should try to e-mail the writers again and talk about this knew direction. Months has past since they mentioned it, and they should know a little more by now.