I have my doubts they will be looking to reboot even a few years down the road. They've got a lot of eggs in the Green Lantern basket right now. The film may be a critical and box office disaster but they are definitely looking to make GL a flagship character.
This fall you've got the launch of Green Lantern: The Animated Series helmed by Bruce Timm. If nothing else we know that Timm knocks this stuff out of the park with the stories he tells and the tone he sets. It might catch hell for trying to put the Timmverse design in a CGI package, but I think the chances of it captivating the kids and possibly adults in the same fashion that B:TAS, S:TAS and JL/JLU did are pretty good. That alone could give WB enough confidence to push ahead with a GL sequel and continue with Hal Jordan for that matter because right now there are no signs that GL:TAS is going to have Stewart or Rayner in it at all(those two of course existing in the Timmverse via S:TAS and JL/JLU).
And if on some off chance that GL ends up doing better overseas than expected pushing it's numbers up, coupled with a good showing with GL:TAS as well as the inevitable associated merch sales, I could see it happening. And knowing that GL:TAS is going to be space opera with very very little on Earth from what we've been told, that show alone could really show WB what formula really works and draws people in.
I still don't think GL is as bad as many are making it out to be and it is certainly still very much salvageable if a sequel is approached in the way it should be approached. The sequel is more likely in this case than it would be in others simply because there's a very successful creative team behind the upcoming GL:TAS and there's a very good chance for it to be a critical and viewer hit, possibly catching an Emmy if that team's track record is anything to go by.
Wishful thinking? Probably. That said, WB is going to have some money to play with after Harry Potter is said and done as that's almost a garaunteed $1 billion in box office revenues. The Dark Knight Rises is probably good for 400-500 million. Man Of Steel probably in the range of $400 million, especially if it's as good as it can be with Nolan's involvement. There's some possibility that the studio is going to still be looking to GL as their next big tentpole franchise, reassess, reformulate and really attack a sequel with all their might. Might be a slim possibility, but I think it's there.
With this one I'm not entirely certain the box office numbers are the end all, be all for GL's film franchise. Not with other signs pointing to WB putting a lot of confidence in the property.
