I sincerely hope that this reboot turns out to simply be additional books. I have only been reading comics for about a year, and in that time the majority of what i have read has been DC. I have spent a considerable amount of time and money reading (or researching) most of the major events in DC continuity, and the prospect of all of that essentially going to waste quite frankly pisses me off. Being a fan of only one year, i can only imagine how lifelong DC fans feel at the thought of the characters and stories they have been following so passionately being erased.
Also knowing that all of the comics may be coming to an end shortly almost makes me not care what is happening in them right now. If this is truly the case it could have been handled MUCH better, and done to make the company a shit ton of money while pleasing the fans. If they announced that all of the current DC continuity across the board would be brought to some sort of closure within the next year, ending in a universe wide mega event, it would give fans time to process that the end was indeed coming, but in a way that they could get excited about. As it is it seems like the direction they could be going with is that Flashpoint, a 5 issue summer event, could be the last great hurrah for current continuity.
And what of the iconic books like action comics, are they really going to reset that when they are a mere 99 issues from breaking the 1000 issue barrier? To me that just seems sacrilegious.
All of this being said, at this point it is still way to early to tell, this could end up being earth shatteringly awesome. The only thing i know for certain is that DC has let me down purely in the way they have handled the release of such obviously controversial news. Hopefully we are all just over reacting to a non-issue, but if that is the case the PR guys at DC sure as shit dropped the ball.