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No, it's not a reboot.
Hulk will be like a "vague" continuity to this film.
Other than the origin (which will be kept for the sake of not having to do it again), don't expect to see any more things that sets up solid continuity in stone (like flashbacks, for example).
Here is what it says on the "What We Know So Far" thread...it was apparantly announced at Comic-Con:
*This is a complete reboot
*TIH with have a mix of CGI and Prosthetics.
*Release Date is June 13th 08
*Is scheduled to start filming in June
*The Incredible Hulk to Shoot in Toronto for 4 months
*Dominic Purcell is NOT in the film
* Edward Noton has been cast as Bruce Banner
* Liv Tyler has been cast as Betty
*Tim Roth has been cast as Emil Blonsky
*William Hurt has joined the cast to play General Ross (the main villain)
*Christina Cabot has been cast in the movie, she's cast as an aide to Ross who pursues Norton's Bruce Banner
*The Hulk to Face Tim Blake Nelson, he will play Samuel Sterns aka The Leader
*Edward Norton has tweaked the screenplay for TIH and he will play both Bruce and Hulk in the movie
* the official website of TIH ...http://www.theincrediblehulk.net/
*Zak Penn has just turned in his 3rd draft of the script (May 07)
*Budget is around 120mill
*Abomination and Thunderbolt Ross are the villains (the later being the main one)
*Aaron sims is designing the new Hulk
*LL says TIH is on schedule
*It's going to be closer to the comic
*It's not going to be like the TV Show but have a similar tone
*Stan Winston is create some of the effects for TIH
You can check for yourself man, but it is a reboot.