From TrekMovie.com comes a the statement from Kurtzman that the movie will not be a Battlestar Galactica style reboot.
From an interview at Dark Horizons, Orci says:
"If you’re a fan, you’re going to see one kind of movie and if you have never seen it, you’re going to be introduced to it in a different kind of a way. That’s the goal."
And from Producer Damon Lindelof:
"It’s like talking to a priest and a casual churchgoer about Catholicism. The story is being cooked up by someone who is aware of every shred of arcane Trekkery, and someone who isn’t hampered by decades of canon."
Let's just label me "cautiously optimistic." :-)
On a final note, despite news that the new movie will be called simply Star Trek, StarTrek.com is still referring to it as Star Trek: XI.